The Brihanmumbai Municipal Corporation has eased norms for the redevelopment of old dilapidated buildings in the metropolis.
The civic body issued new guidelines in the Development Control and Promotion Regulations (DCPR) to redevelop non-cessed and tenanted buildings last week.
One of the major changes that has been brought about by the BMC is tenants of non-cessed buildings will be come owners of flats post the redevelopment of the structure.
As per the new norms, landowners of dilapidated buildings will get 50 per cent additional construction rights to recover costs as well as make a profit through a saleable component.
The change in the Development Control and Promotion Regulations (DCPR) were forwarded by the BMC to the state Urban Development department last month after which the latter approved it.
A senior civic official said the easing of norms will pave the way for redevelopment of non-cessed buildings constructed between 1969 and 1996.
He added that several non-cessed buildings are facing hurdles in redevelopment due to paucity of corpus fund.
"Under this rule, tenants will become flat owners and landowners will get 50 per cent additional construction rights in the form of additional FSI. This is a win-win situation for all stakeholders," the official claimed.
He also said if a higher number of societies come forward for cluster or joint development, then the authorities would give additional Floor Space Index as incentive to accelerate the redevelopment of old buildings.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)