MUMBAI: An amended BMC parking lots policy, submitted for state government approval, could net significant revenues for the municipal body. The developers, who previously constructed parking lots in exchange for incentive construction rights, will now have to share 40% of their profits with the BMC. "Each new parking lot could fetch us Rs 50 crore to Rs 60 crore," stated Municipal Commissioner Subodh Kumar, who overhauled the original policy following delays and allegations of favoritism and corruption.
In March, the Chief Minister instructed the BMC to review the policy due to criticism that the scheme disproportionately benefited developers, allowing them unusually high profits under the guise of executing a public scheme. Developers utilized this scheme, known as Parking FSI, to build luxury skyscrapers up to 50-60 storeys high, primarily in central Mumbai.
Critics argued that developers invest around Rs 1,500 per sq ft to construct parking lots, but the incentive FSI from the government was valued at Rs 20,000 – Rs 25,000 per sq ft.
Key Changes in the Amended Policy:
- Constrains the height of parking lots to ground plus four storeys and two basements.
- The original scheme allowed parking towers of 10-15 storeys.
- Requests the traffic police department to assess peak parking requirements on roads wider than 60 feet and longer than 250 meters, as well as in station and public assembly areas.
Current Projects: The BMC has issued starting certificates for 11 public parking towers, including eight in the Parel-Dadar belt and three in Goregaon, designed to accommodate 15,845 vehicles. Only these projects have been given the go-ahead.