Bhopal (Madhya Pradesh): Confederation of Real Estate Developers' Association of India (CREDAI) has expressed concern that housing price will increase by 45% to 50% in Bhopal if the Transferable Development Rights (TDR) and Premium FAR, proposed in the master plan is implemented .
CREDAI delegates took objection to various heads in master plan-2023 during a hearing here on Tuesday. TDR and premium FAR is nine times more than base FAR, while normally, base FAR should be more than TDR and premium FAR, the delegates argued.
The base FAR is 0.25 in master plan 2031 so the affordable housing concept will be automatically scrapped in the state capital, they further added. Built up area 60 Sqmt has been fixed for affordable housing and so the beneficiaries will have to purchase 240 Sqmt plot. Besides, for group housing, price for 60 Sqmt, will go upto Rs 45 lakh in Bhopal.
Due to these two reasons, the concept of affordable housing scheme will be of no use in Bhopal for beneficiaries as prices of houses will be nearly Rs 45 lakh, said the CREDAI members.
Similarly, they also pointed out that with implementation of proposed base FAR 0.25, there will be many adverse effects. Affordable housing will not be available for the common man, and that will lead to revenue loss to the government, besides it will also promote unauthorized construction and result in unnecessary litigation. Increasing horizontal expansion will reduce agricultural land, MSME related to Real estate will have adverse effect, they added.
If collector guideline value is Rs 20,000 per Sqmt and base FAR is 1:1.25, collector guideline value should be Rs 16,000 per Sqmt meter, CREDAI said. TDR and premium FAR should be well in proportion to community open area, normal activities of residential areas, industrial areas, wholesale storage, Upper Lake and others.
