Describe Fungible FSI
The Fungible Floor Space Index (FSI) is the excess floor area that the builder develops over the FSI limit. The maximum permitted floor area on which a developer may build a structure is determined by the government and is known as the FSI limit. Additionally, it establishes the built-up area and the space that each story of a building covers. Continue reading to find out more about Fungible FSI and its standards.
Construction entails a number of checks and adherence to the authorised limitations established by the regional regulatory organisations. The Floor Space Index (FSI) is one such element. The built-up area, which is often the area that all of a building’s floors occupy, is heavily reliant on the FSI. For instance, if a land parcel has a total size of 2,000 square feet and the government has set the FSI at three, the builder may erect up to 6,000 square feet of floor space on the available plot. However, if the builder builds anything beyond the predetermined FSI for the allotted space, in this example 6,000 square feet, it is referred to as Fungible FSI.
Formula for calculating the built-up area
Built-up Area= Plot Area x FSI
Built-up Area = 2,000 sq ft x 3= 6,000 sq ft
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What does fungible FSI mean?
The expanded development above and above the acceptable limit is known as fungible FSI if a developer builds anything over the permitted FSI limit and increases the built-up area. To complete the development, builders must obtain extra space from the local government. Premium FSI is another name for fungible FSI.
The fungible FSI should, as a rule, not be more than 35% of the floor space in residential buildings and 20% of the floor area in commercial and industrial complexes. Anything that extends past the bought area is unlawful, and the builder might be subject to harsh penalties like high fines, project destruction, or even incarceration.
What does the new DCR’s revised fungible FSI mean?
The revised Development Control Regulations (DCR), which went into effect in 2012, changed the definition of “Fungible FSI” to include places like balconies, flowerbeds, terraces, and niches. The government created a provision for extra built-up area in place of a premium as compensation for the builders’ loss. Additionally, developers may get around 25% extra parking spaces than allowed by DCR for free, which is a relief for builders and homeowners.
The premium charged is based on the Ready Reckoner Rate (RRR) that is typical in a region. For instance, residential properties are subject to a fungible FSI cost of 60% of the RRR. Similar to residential projects, the levies for commercial and industrial developments are 80% and 100% of RRR, respectively.
How is FSI determined?
The entire floor/built-up area and the total plot area are required in order to compute the Floor Space Index (FSI). Here is a formula for FSI.
FSI = Total Floor Area of all Floors of the Building/Plot area x 100
Let’s assume that you want to build a 2,000 sq ft structure on a 1,000 sq ft plot. Then by the formula mentioned above:
FSI= 2,000/1,000 x 100
Here, FSI is 200 percent or 2
Municipal Corporation also consider aspects such as road width while deciding on the FSI of a particular locality.
Additionally, the road next to the plot must be at least 30 feet wide in order to qualify for the fungible FSI. Here is a breakdown of the fungible FSI based on the widths of nearby roads.
|Road width||Permissible Fungible FSI in residential properties|
|30-40 ft||20 percent|
|40-60 ft||30 percent|
|More than 60 ft||35 percent|
Application of FSI
The builder can obtain 20% more floor space as fungible FSI if the land size is 2,000 sq ft, the FSI is 2, and the adjacent road is 35 ft wide.
An additional built-up area here would be:
Built-up Area x Fungible FSI
(2,000 sq ft x 2) x 20/100 = 800 sq ft
Total floor space allowed = 4,000 + 800 = 4,800 sq ft
Here, the builder can construct up to 4,800 sq ft of floor space on the plot
Depending on the type of building and how it is intended to be built, different areas have different FSI and fungible FSI values. Visit the State government’s official website to learn about the prevalent FSI and the fungible FSI in the desired location, as this will help with better planning and execution.
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