Strin­gent rid­ers may make TOD un­vi­able

HT Estates - - NEWS -

The con­cept of TOD is a fast grow­ing trend around the world and is aimed at cre­at­ing a live, work and play cul­ture. It is as­so­ci­ated with the 3Ds – high den­sity, di­ver­sity of real es­tate for­mats and dis­tance from Metro sta­tions. The ideal sce­nario is cre­ation of com­pact, walk­a­ble, mixed land use com­mu­ni­ties which are gen­er­ally close to high-qual­ity train sys­tems.

The zon­ing reg­u­la­tions for TOD re­leased in March this year had spec­i­fied that plots of 5,000 sq m in de­vel­oped ar­eas with a 60 ft wide (or more) road could get an ad­di­tional FAR of up to 4 and an un­der­de­vel­oped area with plot size of 40,000 sq m and 100 ft wide (or less) road could get a max­i­mum FAR of 5.

Real es­tate ex­perts feel such strin­gent rid­ers may make the scheme un­vi­able. “Very few plots in Ghazi­abad will qual­ify under this cri­te­ria. Floor space in­dex or FSI of 4 has al­ready been im­ple­mented. The only change here is that this will now be ap­pli­ca­ble for com­mer­cial and in­dus­trial plots as well. The biggest chal­lenge is that com­mer­cial real es­tate along this belt does not have much po­ten­tial given the cur­rent eco­nomic sce­nario un­less both com­mer­cial and res­i­den­tial struc­tures are al­lowed. If that is done, then it will at least be mon­eti­s­able,” says Anckur Sri­vast­tava of Gen Real Ad­vis­ers.

“Cur­rently even those with land parcels with an FSI of 2.5 are strug­gling to sell or mon­e­tise their as­sets. Thus, it will be a ma­jor chal­lenge to make an FSI of 4 or 5 vi­able in the cur­rent eco­nomic sce­nario,” he says, adding that for the scheme to be a suc­cess, Ghazi­abad should al­low for mixed land use for smaller land hold­ings such as 10,000 sq m (2 acre) plots.

The cur­rent price for com­mer­cial prop­erty in the area is around 18,000 to 25,000 per sq ft and res­i­den­tial com­mands any­thing be­tween 3,000 per sq ft and 6,500 per sq ft along the two cor­ri­dors.

TOD is a fast grow­ing trend around the world

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.