When FSI equals floor space increase
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For Shailendra Srivastav, the decision to buy a flat in Dwarka, Delhi, was prompted by two reasons: It was nearer to his workplace in Gurgaon, compared to Kalkaji where he stayed on rent. The area with its vast greenery, Metro connectivity, educational institutions, hospitals and other amenities seemed more attractive than other localities. Two years after he bought a three-bedroom flat in Dwarka, he was informed that the cooperative society was planning some extension in the flats.
"The society members were debating on uniformly extending the drawing rooms of all the flats. This meant an additional cost. As I was already repaying a home loan, this extra expense wasn't welcome. However, the prospect of the flat's valuation going up made me agree to the extension," Srivastav says.
Last year saw a few apartments in Dwarka apply to the Delhi Development Authority (DDA) for such extensions in accordance with the floor area ratio (FAR, also called FSI) rule. For instance an apartment with a covered area of 92.24 square metre (a 3BHK configuration) would become nearly 112 square metre after extension.
While for some residents, this step was borne out of a requirement for a larger space to live in, for others its sole purpose was investment. An architect, who has been working on such projects since the past five to seven years, says for some apartments, such extensions are limited to balconies, while for others it means an additional room.
"It all depends on what kind of space is available inside the housing complex," he says while declining to be identified. Although he has been involved in overseeing such extensions in more than five society complexes, this architect does not see it as a trend.
In fact, when asked if there are many societies applying for such extensions, DDA spokesperson Neemo Dhar, too, refuses to term it as a trend in Dwarka. However, some real estate dealers in the area claim that with many cooperative societies proposing to increase their floor area, it has led to an anticipatory rise in property prices in certain pockets.