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Blog Entry# 3493022
Posted: Jun 05 2018 (14:49)

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BMRC/Bangalore Metro
Jun 05 2018 (14:49)   Premium tag to help metro, realtors alike

a2z~   12810 news posts
Entry# 3493022   News Entry# 339749         Tags   Past Edits
BENGALURU: The Bangalore Metro Rail Corporation (BMRCL), which has been struggling to raise enough funds for its projects on time, is pinning its hopes on the proposed introduction of “premium floor area ratio”. This new fundraising mechanism is expected to fetch about 10% of the estimated Rs 36,000 crore required to fund three phases of the metro network totalling 118 km.
Once the premium FAR guidelines (or floor space index) are notified, those who want to build additional floors (more than the permissible floor area ratio or FAR) in places where the metro network will come up have to shell out more money as fee to the government. The fee, to be fixed based on the guidance value of the plot, would
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go towards funding the metro.
The BMRCL’s argument is that wherever rail-based mass transit system or an efficient system goes, the areas in the vicinity of the line are witnessing a tremendous appreciation in real estate value. Added to this is the concept of transit-oriented development where the density of population has gone up along the corridors of mass transit systems.
A similar concept exists in New Delhi, which encourages higher FSI for buildings within 500 metres on either side of metro lines and on major transport corridors.
In Bengaluru, landowners whose property falls within a 150-metre radius of metro stations are to be permitted a premium FAR of 4. A premium FAR of 4 means a plot measuring 1,000 sqft area can have a built-up area of 4,000 sqft. In other places in the city, the additional FAR, which ranges from 1.5 to 3.25, is allowed depending upon road width.
Mahendra Jain, BMRCL managing director and additional chief secretary, Urban Development Department, said: “We will be able to raise ?500 crore from the Outer Ring Road (ORR) and use the money to fund the 17-km KR Puram-Silk Board project (Phase II-B).” Through premium FAR, the BMRCL also expects to raise 10% of the project cost for both the 72-km Phase II project (which costs ?26,000 crore) and the proposed 29-km airport line (?5,000 crore), he said..
The final notification, which was delayed due to the election code of conduct, is likely to be out shortly. Rakesh Singh, BDA Commissioner, said the premium FAR is part of the Revised Master Plan 2031, which will be notified soon.
“We had received over 13,000 objections and all of them have been deliberated. We will put out the final notification in 2-3 months,” he said.

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