Surat - The real estate sector in Surat is booming, with the city's municipal corporation receiving ₹710 crore in paid FSI revenue in the past 7 months. This is a significant increase from the ₹625 crore collected in the entire previous year.
The surge in paid FSI revenue is being attributed to a number of factors, including the city's growing population, rising demand for housing, and the recent relaxation of FSI norms.
In the past 7 months, the municipal corporation has approved development permits for a total of 3,460 construction projects. Of these, 238 projects are over 16.5 meters in height and were approved offline, while 3,222 projects were approved online.
The surge in development approvals is also being attributed to the recent relaxation of FSI norms. In April 2023, the municipal corporation increased the FSI for residential projects in certain areas of the city.
The municipal corporation is expecting to collect a total of ₹1,000 crore in paid FSI revenue in the current financial year. This revenue will be used to fund a variety of development projects in the city, including road construction, infrastructure development, and social welfare programs.
Additional details:
- The municipal corporation has instructed all zone-level accountants to enter entries for capital and revenue expenditure, bills, and maintenance expenses.
- The commissioner will hold several review meetings after Diwali to discuss the budget and development projects.
- The draft budget must be approved by the government before February 20, 2024.
The surge in paid FSI revenue is a positive sign for Surat's economy. It indicates that the city's real estate sector is recovering from the COVID-19 pandemic and is poised for growth in the coming years.
