Bengaluru may soon have a new FAR (Floor Area Ratio) rule as the Urban Development Department of Karnataka State government is mulling introduction of premium FAR scheme. If the new rule comes into effect then premium FAR will be 50 per cent of the current guidance value of a particular road, as decided by the Stamps and Registration Department.
Proposed new rules will replace the FAR-4 and has been planned to be implemented along the standing and upcoming Metro lines too. Once implemented, it will help the commercial developers to go vertical along the Metro lines while the state exchequer will reap the benefits of premium.
The new proposal also plans to tap strategically located residential properties like the ones located near Metro Lines. The Urban Development Department is also working on amending the Karnataka Town and Country Planning Act, 1961, and the Bangalore Development Authority’s revised Master Plan. As soon as it is approved by the CM, it will also be part of the upcoming Bengaluru Municipal Act, 2020, to ensure that the Bruhat Bengaluru Mahanagara Palike also gets due property tax.
Meanwhile, the Urban Development Department is trying to maintain the entire exercise confidential so that there are no speculations and criticism from people before it is implemented. Any controversies at this stage may only delay the entire process which the department is trying to avoid. It may be recalled that the FAR was first proposed by the department in 2017 and again in 2018.