Wednesday, 15 June 2016

Extra realty space on Metro routes gets nod

The district planning committee on Monday approved a long-pending transit oriented development (TOD) policy. With this, the administrators hope to resolve one of Gurgaon's biggest problems - traffic snarls - by increasing floor area ratio (FAR) along transit corridors. The move is also likely to boost the sluggish real estate market and raise much-needed funds for the development of Gurgaon's mass transit system (MTS).

The policy was originally announced in 2014. It was approved by the district planning committee by incorporating all feedback and suggestions from various stakeholders.

Once norms are finalized, the TOD policy will be applicable to projects along important roads like Golf Course Road, MG Road, Southern Peripheral Road and Dwarka expressway. Metro rail routes already exist along some of these. The policy revolves around developing MTS like Metro and high density urbanisation, along these corridors.

Deputy Commissioner T L Satyaprakash said the TOD policy will help resolve Gurgaon's traffic problems, while increasing use of MTS. "It will also help raise funds, which will be used to develop the MTS," said Satyaprakash.

"TOD  zones will extend till 800m on either side of the earmarked transit network. Up to 500m will be kept inside the 'intense TOD zone', with the area between 500-800m to be called 'transition TOD zone'," said district town planner Mohan Singh. He said norms will be applicable on all new licenses to be issued. Even older, completed projects can avail benefit of increased FAR, so long as they conform to norms.

Assistant town planner R S Batth said, "As per policy, area under 'intense TOD zone' is extended up to 500m from the transit network, and will get a FAR of 3.5, while areas under 'transition TOD zone' (between 500-800m) will get a FAR of 2.5." Both areas had a FAR of 1.75 earlier.

DTCP planning officer Jaibir Sharma said increased FAR will allow for the creation of more housing units and office space. "It is likely to make housing and office space more affordable," said Sharma, adding that developers have a windfall to reap by creating more built-up space and soaking up incremental benefits.

He said the main objective of the policy is to minimize travel time for citizens and ensure they can live close to their workplace. "Our plan is to encourage mixed land use to ensure people can walk to work," said Sharma.

Source: PropertyatNeoDevelopers.Wordpress.Com

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