Gurugram: The Haryana government has cleared the proposal increasing the floor to area (FAR) ratio in the residential colonies of Gurugram. Now there will be no hurdles in building four floors as compared to three that had to build as per the guidelines. In addition to providing the leeway of building four floors, the Government is also providing a fillip to setting up of the green buildings. The new building plan has allowed the increase of area by more than 15 per cent.
In order to deal with the parking problems that is plaguing most of the residential colonies in Gurugram, all the new houses that will have four floors are mandated to build the stilt parking. The move by the Haryana government comes at a time when there are challenges of not increasing the sagging sales of residential housings but also solve the crisis of providing affordable housing.
The new houses and the residential projects expected to be constructed in Gurugram may have more carpet area as Haryana government is planning to increase the floor to area ratio (far) in urban areas of Millennium city. With the implementation of this move in the 75 square metre area, 33 percent of more space area can be added and in 101 to 150 square metres, 53 percent more space are can be included. This is not for the first time when the government has taken the route of vertical over lateral in the development model for Gurugram.
In 2017 in the building plan of Haryana Urban Development Authority also the FAR was increased. Even though sales of residential properties in Gurugram have been tepid for more years, it is still one of the most attractive realty markets in the country. The slowdown in the property market of Gurugram has affected the state government's finances. There has been a drastic drop in the revenue collections via registration from the Gurugram circle. Out of Rs 3900 crores of total revenue collected by the government via registration of properties, Gurugram has contributed about Rs 1464 crore.
This amount is less than the revenue that was collected in the year 2013-14 which was over 1900 crore. There has also been a marked slowdown in the sale of housing units. While in 2013-14 saw 55,220 units being sold, in 2016 -17 the sale transactions lessened down to 52,476 units. The presence of larger inventories however ensured that Rs 26,073 crores the amount collected in the sales of these units was higher than what was collected in 2013-14 which was around Rs19, 500 crores. In less than eight months, the Haryana government will again be changing the circle rates in Gurugram. With the property market in Gurugram facing a slump, a reduction of three per cent is expected in old Gurugram area.