The industry players have welcomed the Central Government’s approval for the proposal to increase the FAR in Delhi. The increase in FAR is for residential plots which are 750 square meters or higher, wherein the FAR has been increased to 200 from 150. For plots bigger than 1,000 square meters, the FAR has gone up to 200 from 120 and ground coverage has been increased from 40 per cent to 50 per cent. This move will result in bigger apartments.
The move addresses the rising problem of providing accommodation to all. Increase in FAR is a spinal support to the dream of ‘Housing for all by 2022’. If used judiciously, this provision in conjunction with increased FAR can be utilized for increasing the housing stock on residential plots going forward. For realtors, it is certainly an opportunity for more vertical growth.
Experts are keeping their fingers crossed about the exact impact of the move on the property prices as it will be clear once the issues of change in density.