BHUBANESWAR: The Real Estate Forum of the City on Saturday held a meeting with Bhubaneswar Development Authority (BDA) Vice-Chairman Krishan Kumar and raised concern over the reduced floor area ratio (FAR) and newly introduced transferable development rights (TDR) rules.
While the reduction of base FAR will lead to a surge in housing cost, the policy is not full-fledged and elaborative enough to be understood by the common man. “Any new policy which would come into force should be complete and self-explanatory, else there are chances of non-acceptance and eventually lead to failure of the plan,” AFORD secretary Nishit Nanda said.
The forum expressed grievance for not taking them in pre-policy discussion and reducing the existing FAR hastily from 2.75 to a flat 1.2. They insisted to maintain the existing FAR for the time being and if any reduction to base FAR is required, it may occur gradually taking the socio-economic, zoning, density and other parameters into account.
The realtors suggested to allow implementation of TDR on and above the existing FAR as an incentive to create a demand for purchasing FAR which would also supplement the Government’s requirement to acquire land for infrastructure development.