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Balconies can’t be enclosed: BMC chief

The BMC no longer recognises the concept of balconies, lily pond and flower beds, said municipal commissioner Ajoy Mehta.

This, said the civic chief, would put an end to bureaucratic red tape, blackmail and manipulations. “People would complain about balconies being enclosed without permission and no action being taken. We decided that since balconies are included in the Floor Space Index (FSI), we shall no longer recognise them. It is for the builder to provide a balcony, but if it is provided it cannot be enclosed. Also, importantly, now if there is a balcony, it cannot project into the open space,” he said. To ensure there is no projection into the open space, the BMC has completely disallowed balconies on the ground floor.

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Mumbai: Landlords, old housing societies to get extra FSI in boost for redevelopment

In a boost for redevelopment in the city, the state government has offered sops for tenanted buildings and old housing societies which have utilized their entire development potential decades ago.

Under the new Development Control and Promotion Regulations (DCPR-2034), the government has offered additional FSI of up to 70% of the total existing build-up area if more than five tenanted building plots are amalgamated for joint redevelopment.

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Weaker rupee, regulations make realty attractive for NRIs

A fluctuating rupee, and introduction of various regulations to bring in transparency and accountability, are making real estate more lucrative for non-resident Indians (NRIs), experts say.

Rupee is hovering near 73 against the US dollar since the past one week.

“The drop in rupee can be seen as an investment opportunity for individual buyers as well as institutional investors. Over the past few months we have witnessed a lot of interest from NRIs. This trend continues to grow  ..