Auction of Floor Area Ratio.

(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 built-up space 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.