BENGALURU: Greater Bengaluru Authority (GBA) is aiming to mop up around Rs 2,000 crore through premium FAR (Floor Area Ratio) route.
It has urged the public, landowners and developers to make use of the opportunity and called upon them to prepare building plans including the the proposed premium FAR and submit them for approvals.
A move aimed to facilitate higher-density developments and optimal utilisation of high-value land within Bengaluru city limits, premium FAR is the additional built-up area that developers can acquire over and above the permissible FAR by paying a premium charge to the government.
In a press statement on Tuesday, the GBA Chief Commissioner, M Maheswar Rao, stated that provisions have been made under Section 18(B) of the KTCP Act, 1961, and Rule 37(E) of the Planning Authority Rules to allow the use of Premium FAR (Floor Area Ratio) in addition to the basic FAR. Under Section 13(E) of the KTCP Act, 1961, amendments have been introduced to the zoning regulations of the Revised Master Plan (RMP)-2015 by inserting Chapter 11 titled “Premium FAR Granted by Levy of Premium Charges,” and a notification to this effect was issued on April 2.
Stating that the High Court has upheld the state’s decision to introduce premium FAR, Rao said that applicants may obtain additional FAR (Premium FAR) beyond the basic FAR by considering the prevailing guidance value.
“Charges applicable as per the guidance value must be calculated and paid to avail the additional FAR. By paying the prescribed charges, applicants may obtain a premium FAR up to 0.4 (40%) of the basic FAR.
Further, an additional 0.2 (20%) of the basic FAR may be availed through TDR, allowing a total maximum additional FAR of 0.6 (60%) over the basic FAR”, he explained.
Developers and owners may prepare building plans, including the proposed Premium FAR and submit them for approval when seeking building permission, Rao said. He added that when people head to pay the building plan approval fee, the premium FAR would be calculated, and the builders would be given an option to pay both--the approval fee and the premium FAR.
“If the building plan approval fee and the premium FAR are paid, the respective corporations would grant permission to the builders to carry out construction using the FAR along with the premium FAR”, GBA said. This is a simple and already operational process. Software has been updated accordingly, enabling all stakeholders to make use of the facility, Rao said.