Realty shares edged higher on reports that Mumbai's civic body has raised the floor space index (FSI) in its new draft development plan for the city. Peninsula Land (up 11.49%), Indiabulls Real Estate (up 9.94%), D B Realty (up 9.55%), Housing Development and Infrastructure (HDIL) (up 5.31%), Anant Raj (up 4.34%), DLF (up 3.45%), Godrej Properties (up 3.11%), Parsvnath Developers (up 2.36%), Sobha (up 1.53%), Prestige Estates Projects (up 1.40%), Oberoi Realty (up 0.86%), Unitech (up 0.20%), Phoenix Mills (up 0.08%) and Mahindra Lifespace Developers (up 0.07%), edged higher. Sunteck Realty was down 0.09%.
According to reports, FSI in the island city will be raised from current 1.33 to 2 based on the new draft development plan. In Mumbai's suburbs, FSI will be hiked from 1 to 2. For construction of five-star hotels and commercial development, FSI will go up to 5 from the present 3 to 3.5. FSI is the ratio of a building's total floor area to the size of the land upon which it is built and indicates how much a developer can construct on a particular plot of land. Higher FSI will allow builders to construct more offices and apartments, which will boost sales and drive profitability, media reports suggested.
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