Union Minister Hardeep Singh Puri today praised Maharashtra Chief Minister Devendra Fadnavis' new Development Plan (DP) 2034 for Mumbai, saying such a step will ensure the "ultimate transformation".
The steps taken by Fadnavis will bring about a qualitative change not just in the metropolis but all across the state, the housing and urban affairs minister said.
In the new DP announced last week, the state government has ensured infusion of new land that can be developed and increased the Floor Space Index (FSI) in the island city up to 3 for residential properties and up to 5 for commercial properties from the earlier 1.33.
"A few days ago, under the leadership of Fadnavis, a decision was taken to increase the FSI for residential and commercial projects coming up in Mumbai. We need such a kind of dynamic leadership which will ensure the ultimate transformation," Puri said at the MahaRERA Day event here.
For suburbs, the new FSI will be up to 2.5 and 5 for residential and commercial properties, respectively. The existing FSI for the two categories is 2 and 2.5, respectively.
The FSI is the ratio of the total built-up area to the total area of a plot. It is basically a tool that defines the extent of construction permissible on a plot.
Comparing Mumbai with Shanghai, the biggest city in China and a global financial hub, Puri said, "Till many years ago the two cities were at par. But, now look where Shanghai has gone."