Government agencies have raised strong objections to a proposal that they claim seeks to pass “undue benefits” estimated to be Rs 700 crore to the developer of One Avighna Park — a twin 64-storey super luxury project coming up in Parel — billed as Mumbai’s new luxury landmark.
The Nish Developers project, which includes “sky villas and sky mansions”, is also Mumbai’s first cluster redevelopment project.
The bone of contention is a proposal by the developer for grant of floor space index (FSI) incentives for rehabilitation of commercial tenancies that his own firm and an investor firm acquired from “non-cooperating” tenants. FSI is a development tool that defines the extent of construction permissible on a plot. It is the ratio of built-up area to plot area.
Read the article at the Indian Express.