BKC real estate
Times of India: Extra FSI: Govt plans to raise Rs 13,000cr in BKC
The state government plans to raise Rs 13,000 crore from the sale of surplus floor space index (FSI) in G-block of Bandra-Kurla Complex (BKC).
On Wednesday, the state put on sale 13 lakh sq m in the already developed G-block of the International Finance and Business Centre at BKC.
The MMRDA meeting chaired by chief minister Vilasrao Deshmukh on Wednesday resolved to sell the additional FSI at 1.5 times the existing ready reckoner rate of Rs 65,000 per sq m in the area.
Hope I get this right: Rs 13000 crore for 13 lakh sq m (i.e. Rs 1300000 lakh for ~ 140 lakh sq ft) = Rs 9285 per sq ft.
That’s a bit lower than the 15000 per sq ft paid out recently by Jet Airways, and much lower than the Rs 50000 per sq ft paid out in November 2007 by Wadhwa Builders.
Do let me know if I messed up the calcs. There’s all sorts of FSI numbers & land rates in the ToI article.
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