Auction of Floor Area Ratio

Infrastructure2024124 sections8 chapters

Chapter VIII DEVELOPMENT SCHEMES

Statutory text

(1) If the Authority is satisfied that in a particular locality, augmentation of infrastructure, particularly relating to transportation, has occurred to such an extent that there is a scope for permitting additional built-up space by way of additional Floor Area Ratio
- (FAR) or Floor Space Index
- (FSI) over and above the permissible FAR or FSI in the area, it may prepare, with the approval of the Government, a scheme identifying the specific area where such additional built-up space can be permitted by way of auction and specifying the applicable development control norms.
(2) The scheme prepared under sub-section
(1) shall qualify the total additional built-up space to be permitted and maximum spot Floor Area Ratio or Floor Space Index to be allowed by auction. Thereupon, the Authority, shall auction the aforesaid additional build-up in the manner prescribed: Provided that no auction shall take place unless augmentation of infrastructure and services mentioned in sub-section
(1) has become fully operational.

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