BENGALURU: The govt has proposed to introduce the concept of Premium Floor Area Ratio (FAR), which will allow property owners to build additional floors by paying prescribed charges.
In a notification published on March 16, the govt released a draft amendment to the Karnataka Planning Authorities Rules, 1965, and invited objections/suggestions, if any, within seven days.
According to the draft rules, the maximum additional area that may be allowed to be developed under Premium FAR shall be as prescribed under the zonal regulations of the approved master plan, but shall not be more than 100% of the ordinarily permitted FAR.
The Premium FAR charges won’t be less than 50% of the estimated increase in the value of property, including the building and land, after utilisation of FAR. The notification proposes to calculate the estimated increase in value of land and building by utilisation of Premium FAR, by multiplying the extent of area developed with 80% of the land’s guidance value (see table).
Premium FAR will be restricted along major roads to ensure a balanced approach to urban growth.
Rakesh Singh, additional chief secretary, urban development, emphasized the widespread benefits of this decision, saying, “Premium FAR going to benefit everyone in the city.”
Singh said the decision aims to regulate unauthorised constructions, independent of Transferable Development Rights (TDR) and their combinations. “In Bengaluru, everybody who owns property builds extra floors without permission and earns revenue. Through this, we want to regularise the unauthorized constructions,” Singh explained.
A senior member of Karnataka RERA said, “This would be more advantageous for redevelopment, and more old buildings owners would come forward as this will add more floors and they will find it lucrative in terms of sale of additional floors and adding up more amenities and facilities.”
Premium FAR will come into force once the final notification is gazetted.
Advocate Prashant Mirle, specialising in real estate law, said the proposed changes are nothing but an attempt to circumvent TDR, which could significantly affect residents. The proposal is violative of the high court requirement to have prior consultation before any amendments, he added.
