Floor Space Index
Are you familiar with the concept of Floor Space Index (FSI) or Floor Area Ratio (FAR)? It is a legal requirement that governs the size of structures that can be built on a particular plot of land. FSI or FAR dictates the maximum area a building can occupy compared to the total area of the land it is built on. Therefore, it is important to keep in mind that the size of your dream home is not directly proportional to the size of the land you purchase while adhering to the legal requirements of FSI or FAR.
What is the law?
The Floor Space Index, otherwise referred to as the Floor Area ratio defines the maximum permitted floor area that a developer can build or construct on any given plot. It is the ratio of the area of the house to the area of the land. Every city has different FSI norms and can also vary between two localities or two planning authorities in the same city as defined by the city’s administration.
To put it in numbers, let’s say you have a land area of 1200 square feet, and the FSI, as determined by the city’s administration, is 2. This would mean that the maximum permissible area for construction would be 2400 square feet (1200*2).
The road width also plays a major role in deciding the FSI of a land. Generally, the higher the road width, the higher the FSI.
The role of FSI
The locality in which the plot is situated drives the FSI number. While the FSI is usually higher in the city centre owing to the limited space, it could be significantly lower in the outskirts, due to the adequate availability of land for construction. As the city continues to grow, the municipal corporation keeps revising the FSI to factor in the evolving needs. The corporation provides additional FSI for continuous building areas, areas along the Metro Line/MRTS, and IT Corridor.
Tip: Research the permissible FSI in the locality in which you have identified your property. Alternatively, if you have a pre-defined idea of the size of the house you wish to live in, identify areas where the FSI and budget would suit your needs.
The Benefits
The standardized approach that FSI brings into the construction industry has several benefits. For starters, it brings uniformity to the construction industry, which includes both commercial and residential structures. Gone are the days when one could randomly, at will, decide what needs to be the floor area.
The second and most important outcome of the FSI is the positive influence it has on land rates. A higher FSI implies that the plot has a higher potential to build and hence would have better value assuring that the decision to is a wise one.
Variables to Remember
Though the FSI calculation may seem simple, there are several variables that need to be accounted for depending on the city or the locality. Parameters such as basement areas, ducts, common areas, balconies, and parking levels may or may not be used in the FSI calculation depending on the respective city or governing body norms.
It is therefore important to take note of these before deciding on the purchase of the plot and before the commencement of construction.
In conclusion, FSI is a regulatory requirement, and all property developers are obliged to comply with it. Given that property purchase in India is not just an investment but more of an emotion, it is vital to understand the finer details of FSI and make an informed decision to ensure that your investment is future-proofed and that you get to enjoy the home of your dreams.