Mumbai: SRA collects over Rs 1,500 crore from premium on fungible FSI in 2021-22

Fungible FSI is the additional space purchased from the authorities by the builders

Sweety AdimulamUpdated: Thursday, May 26, 2022, 09:38 AM IST
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The Slum Rehabilitation Authority (SRA) has collected a total revenue of Rs 1,511.58 crore only through premium for fungible compensatory Floor Space Index (FSI) in 2021-22.

This was 13 times more than 2020-21 (Rs 123.07 crore). Fungible FSI is the additional space purchased from the authorities by the builders. However, as per the norms, it should not exceed 35 per cent of the floor area in residential properties and 20 per cent of the floor area in industrial and commercial developments. Similarly, as per the available SRA data, it collected revenue of Rs 98.20 crore in 2021-22 through infrastructure charges.

This was comparatively lesser in the previous year; Rs 39.52crore. Similarly, the SRA earned Rs 249.16 crore from Maharashtra Regional Town Planning (MRTP) development charges in 2021-22 which was Rs 78.88 crore in the previous year. The revenue generated from transfer fees was Rs 54.33 crore, from labour welfare cess Rs 79.92 crore, and revenue from land premium was Rs 43.19 crore. SRA CEO Satish Lokhande said, “The government through its GR in January 2021 had given exemption of 50 per cent on fungible premium till December 2021. Builders then availed this exemption and paid a total premium of Rs 1,511.58 crore which substantially contributed for more revenue generation.” When asked if the SRA is planning to extend the concession considering the whopping revenue collection, he said, “The authority has not moved any such proposal.

However, the builders might have asked the government for the same.” About 380 slum development schemes are in progress in Mumbai. Moreover, to expedite slum development projects, the SRA has taken some significant steps in the recent past where it scrapped 517 project proposals submitted before 2014 for lack of progress by the developers. Stress fund to incomplete/abandoned projects that have no proper financing among others

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