by FranchAll you need to know about FSI (Floor Space Index)
The term Floor Space Index(FSI) is one of the most commonly used ones in the real estate industry. Floor Space Index in simple terms is the maximum permissible floor area that a builder can build on a particular plot/piece of land. FSI has to adhere to the development control regulations of the municipal corporation. So, builders and developers must follow the requirements of the community they cater to.
The FAR or FSI is a measurement of how much space on a block of land can be built on. The floor area ratio is 2 if a 2,000 square foot (sq. ft) structure is built on a 1,000 square foot land. Similarly, the floor size of a 3,000 sq. ft building on a 1,000 sq. ft plot equals 3, and so on.
The Importance of Floor Space Index for Homebuyers
Floor space index is an important factor to consider when you are house hunting. FSI/FAR can be a good indicator of the attractiveness of a location and population density. One thing that needs to be noted is that, depending on a number of factors, homeowners looking to sell residences in buildings with a higher floor area ratio may receive lower resale value.
FSI is also critical from an environmental standpoint. Higher floor ratios indicate that there are more floors in a given space, indicating a denser concentration of buildings. There are usually fewer open spaces in areas with a high FAR.
The floor area ratio is determined by municipal corporations, and the maximum floor area ratio is normally not more than 2.5. Inspection by authorities is critical as builders also include shared amenities in building complexes for this calculation. Parks, gardens, swimming pools, and gyms are among the amenities that are shared by all inhabitants of the complex.
The Importance of Floor Space Index for Developers
Higher FSI translates to higher monetary gains for builders, as they are able to develop and sell more floor area on any prospective plot. A low FAR can be a barrier to construction.In Indian cities, minimal land resources have already been strained by growing urbanisation. More FAR could assist developers in obtaining additional space and bridging the demand-supply imbalance.
Calculation – Floor Area Ratio and Floor Space Index
Total covered space on all levels / Total plot area = FSI or FAR.
The FSI is calculated by dividing the total covered area (plinth) on all levels, excluding those exempted by these regulations , by the plot area, which includes a portion of the site used as exclusive passage. With an FSI of 2, the total plinth area that can be built is twice the plot size.
FAR Violation
Violation norms related to floor area ratio is a crime. Violations are usually discovered when a builder or developer files a completion certificate. So before accepting the handover of their apartments or residences, homebuyers should inspect the builder’s completion certificate. If a violation results in action from the authorities, it could cause project delays.
How Does FAR Impact Pricing?
It is not necessarily true that if a developer builds more due to higher FAR, they will be able to sell the houses for a lesser price. Many more factors play a role in developing and selling units at the right pricing. Density norms, for one, also dictate home pricing. In certain areas, despite higher FSI,height restrictions cannot be violated due to concerns regarding the structure’s and residents’ safety.
Conclusion
FAR or FSI is used to calculate the maximum floor area that is permitted to be constructed on any given piece of land, and is determined by an area’s developmental control norms as laid down by the municipal corporations and authorities. Understanding these norms and restrictions while buying a new home is paramount for taking an informed decision.
