Bengaluru’s Skyline Transforms: Karnataka FAR Cap Raised by 60% – Impact on Real Estate & Urban Growth
In a significant move poised to reshape Bengaluru’s skyline, the Karnataka government has approved a policy allowing developers to purchase additional Floor Area Ratio (FAR) of up to 60% beyond the existing permissible limits. This decision aims to encourage vertical growth in the city, enabling the construction of taller buildings and potentially transforming urban development dynamics.
Understanding FAR and the New Policy
Floor Area Ratio (FAR) is a critical urban planning metric that defines the maximum permissible built-up area on a given plot of land. By increasing the FAR, developers can construct more floors, thereby maximizing the utility of the land. Under the new policy, developers can acquire this additional FAR by paying a premium amounting to 40% of the property’s guidance value. This premium is intended to serve as a revenue stream for the government, earmarked specifically for enhancing public infrastructure within the jurisdiction of the respective planning authority.
Implications for Urban Development
The introduction of premium FAR is anticipated to have several far-reaching effects on Bengaluru’s urban landscape:
1. Vertical Expansion: With the ability to build higher structures, developers can optimize land use, leading to a proliferation of high-rise buildings across the city.
2. Infrastructure Strain: Experts caution that increased building heights could exacerbate existing challenges related to traffic congestion, parking shortages, and overburdened sewage systems. The surge in population density without corresponding infrastructure upgrades may intensify these issues.
3. Impact on Transferable Development Rights (TDR): The premium FAR policy might diminish the attractiveness of TDRs, a mechanism that compensates landowners who relinquish land for public projects. Developers may prefer purchasing additional FAR directly from the government, potentially devaluing TDRs and affecting landowners’ interests.
4. Urban Planning Concerns: There is apprehension that allowing higher density developments in areas not serviced by mass rapid transit systems could lead to unplanned growth, further straining the city’s infrastructure and deviating from sustainable urban planning principles.
Stakeholder Perspectives
The real estate sector has largely welcomed the policy, viewing it as a catalyst for growth and modernization. However, industry leaders emphasize the necessity for the government to reinvest the generated revenue into upgrading the city’s infrastructure to support the increased density.
Conversely, urban planners and civic activists express concerns about the potential for haphazard development and the exacerbation of existing infrastructural challenges. They advocate for a more integrated approach that aligns increased FAR with comprehensive urban planning and infrastructure development.
Conclusion
The Karnataka government’s decision to raise the FAR cap by 60% marks a pivotal moment in Bengaluru’s urban development trajectory. While it offers opportunities for vertical growth and increased revenue for infrastructure projects, it also presents challenges that require careful planning and stakeholder collaboration. Balancing development with sustainable urban planning will be crucial to ensuring that Bengaluru’s evolution benefits all its residents.