Bangalore: Bandra-Kurla Complex (BKC), a much-sought-after business district in Mumbai, is all set to see frenetic action after Maharashtra state authorities doubled the space developers could build in certain blocks, thereby releasing an additional 8.5 million sq. ft of premium commercial space.
A notification released by the state government on Friday raised the floor space index (FSI) from the existing 2 to 4 on 178ha in G Block in BKC. FSI is the amount of construction allowed on a plot. The higher the FSI, the taller a building can rise.
With the the central business district of Nariman Point nearly saturated, BKC has become popular with large firms.
By some estimates, the rise in FSI will allow the Mumbai Metropolitan Region Development Authority (MMRDA), appointed to develop BKC in 1977, to sell land at a better price and thereby earn revenues of nearly Rs 20,000 crore.
Milind Mhaiskar, joint metropolitan commissioner, MM-RDA, said: “Those who are interested to benefit this additional FSI can approach MMRDA and it (will) execute the process.”
Among the projects in G Block that will benefit from this move is the commercial complex and convention centre of Reliance Industries Ltd on an 18.5 acre plot. G block is at the heart of the finance centre, which also has Citibank, Nabard, ICICI Bank and the Bharat Diamond Bourse.