Buying a home will be a once-in-a-lifetime decision for you and will mark the arrival of a major milestone in your life. The feeling that you will get when you and your family step into your dream home cannot be said in words, it can only be experienced. This importance decision will indeed have a deep lasting positive impact on your present and future. Buying real estate is a complex process and like the pitfalls which you should be aware of, there are some terms related to the real estate ecosystem which should be known to you, so that when they are mentioned in the course of discussions, you should be caught unaware and begin wondering what the term means. Even if you are buying a plot of land or building your own house on a piece of vacant land, there are lots of regulations and rules you will have to keep in mind and one of them is FSI rules. In this article, we will tell you what is FSI and why it is important. sugee marina bay worli
What is FSI?
FSI is the abbreviation of Floor Space Index, and is also referred to as FAR or Floor Area Ratio. To make it more simple, FSI refers to the maximum permissible are of the floor that is allowed to be built by the builder on a specific plot or parcel of vacant land. It is the ration of the area covered by the building floor to the total measurable area of the land. This FSI is not standard across India but differs from state to state and city to city. Let us illustrate the concept of FSI with an example. If a vacant plot of land measures one thousand metres and the permissible FSI is 1, then the total permissible construction on the plot across all floors would be one thousand metres. FSI for redevelopment of old projects is different from development of new projects on vacant land. For example, if a housing society in Mumbai undertakes the redevelopment of its building or buildings on its own, it will be entitled to an extra FSI over and above its entitlement under the development rules of the area where the society is located. sugee marina bay
What are the different factors which affect FSI calculation?
A lot of factors come into play for calculating the FSI of a building, some of which include total plot area, zone of the plot location, building type, as in whether residential or commercial, essential facilities available for the building etc. If the plot is located in the older part of the city, then the FSI for the same will differ from the permissible FSI for a plot of land which is located in the developing area of the city. As per the development needs of a city and the corresponding land value, every city has the right to revise the FSI value. The FSI number reflects the development potential and the commercial value of the plot.
Challenges of calculating and fixing FSI
Although our illustration of how FSI is calculated seems simple, in reality it is not so. Some cities do not take into account many areas such as lift shafts, basements, common service areas etc. while calculating FSI. FSI can be calculated and fixed only after thoroughly studying the by-laws and building laws of the city.
To conclude, while buying housing property, it is important to understand and acquaint yourself with each and every term related to the real estate ecosystem, and then take an informed decision of purchasing the property.