Mumbai: The civic administration has sanctioned 1.18 lakh square meters of total construction area for the 12,325 square meters plot. The sanctioned construction size is 9.6 times that of to the plot size. The project is a redevelopment of Worli’s Shivshahi housing society. The sanctioning of this much area to the redevelopment is based on the FSI of 2.5 which was cleared by the State Coastal Zone Management Authority.The Shivshahi society is a part of the Maharashtra Housing and Area Development Authority (MHADA) layout and currently houses 192 dwellers in 12 buildings which were built by the MHADA in 1950. The FSI ratio is the standard defining the areas of the construction which can be put over the plot according to the prescribed standards and rules.The sanctioned area of the plot will include three towers on the plot, two 35 floor towers and one 42 floors tower, 42-floor skyscraper will house the current tenants living in the society while other two towers will be sold in the open market with current property prices. The complete redevelopment project will be developed by the Wonder Value Realty.MHADA is expected to get a profit of Rs 165 crore from the builder for the land which is controlled by the authority. MHADA has granted construction of the project with a FSI of 1.59 but the society officials are going to apply for the 2.5 FSI at the environment ministry for CRZ clearance. The premium received by MHADA will be shared with the BMC as the land belongs to the BMC and it has been rented for 999 years.According to coastal authority, the 2.5 FSI is granted to buildings declared dilapidated and which fall under CRZ II. The current housing buildings of the society were earlier declared as dilapidated in 2009 by MHADA.займ на карту без отказов круглосуточновзять кредит онлайн