As a home buyer, you’ve probably heard of a city’s Floor Area Ratio, or FAR, changing. So, have you ever wondered what this FAR is and how does it affect property purchases?
If you’re looking for your dream home to be a flat in Chennai or luxury apartments in Chennai or apartments in Adyar, you need to be well aware of the FAR!
Here’s a more in-depth look into Floor Area Ratio.
What is Floor Area Ratio?
The floor area ratio (FAR) or floor space ratio (FSR) defines how much floor space may be created on a particular piece of land. It is also known as the FSI in some markets (Floor Space Index). The words FAR and FSI are equivalent, with the main distinction being that the former is a ratio and is measured in %, whilst the latter is an index and is measured in percentage. For example, if an FSR of 1 is assigned to a specific plot size of 10,000 square metres, then the construction of 10,000 square metres is permitted for the project. The FAR is determined by municipal corporations or the development authority in line with the Development Control Regulations (DCR) and varies from city to city or even from locality to locality. Because FSI is a metric that combines the height and footprint of a structure, controlling it allows freedom in building design.
Another example that can be taken is if the plot of land used for a project is 500 square feet and the FAR determined for that locality is 1.5, the total floor space that may be built is 750 square feet. As a result, given the plot area and the FAR applicable in that specific location, a developer might erect a one-story structure.
For example, if an FSI of 1 applies to a specific plot size of 10,000 square metres, then the project may accommodate a structure of 10,000 square metres.
The formula is, Plot area multiplied by FSI equals built-up area. It should be noted that FSI also applies to commercial structures.
Premium FSI
For converting industrial land or flats in Chennai to commercial or residential use you have to pay some premium amount to the Govt. If you need to increase the permissible FSI, you must pay a premium to the government. To qualify for this FSI, the land’s adjoining road must be at least 30 feet wide.
- A premium FSI will assist you in increasing the allowable FSI regardless of the particular location, zone, or building type.
The significance of FAR to property purchasers
Local municipal corporations establish the FAR value to provide the greatest possible living circumstances for inhabitants in that location, taking into consideration population density, open space availability, the environmental effect of the project, and emergency readiness. Although the methods used to compute the FAR differ from city to city, the figure is rarely more than 2.5.
The more floor space accessible to a developer, the taller the structure may be. As a consequence, if you buy a home in such a development, you will almost certainly live in a more densely populated region with many other people, sharing shared services and expenditures such as power, water, clubhouses, swimming pools, elevators, and so on. Low-FAR homes, on the other hand, often have greater resale prices than high-FAR properties. Low-FAR projects often have shorter structures, lower density, and a lot more open space surrounding them.
Advantages of Floor Area Ratio
The structural safety of a building is assured to some extent by FAR laws. In the lack of FAR restrictions, unauthorized buildings will rise.
- There is a contrast to be made between open and constructed places.
- Aids governments in achieving stable and planned growth.
FAR violations
Typically, a developer’s FAR violation is discovered only after the applicable development authority gives a completion certificate. As a result, house purchasers should seek to view the completion certificate before acquiring a property in the project. If you need financing, the acquisition of a property in violation of local restrictions may have an impact on your credit worthiness.
Floor Area expectations
Common areas, parking areas, any inside open space such as a balcony, basements only used for parking, attics, external spaces, sports courts, and so on are all key exclusions to the FAR. These are not covered by the FAR.
In Indian cities, the floor area ratio is Real estate developers commonly request a higher FAR to address the demand-supply mismatch. FAR laws are regularly violated by unscrupulous builders. If a planning authority raises the FAR, the market value may more than double. In this situation, the landowner has no direct or indirect influence over the price, despite the fact that they reap all of the advantages.
It may also imply that as the FAR increases, you will be living in a greater density building with more inhabitants sharing shared amenities such as elevators, pools, clubs, and even power and water.
Those that purchased a property with a lower FAR may now construct more and earn larger capital returns. Because of the lower density and more open spaces, the resale value of a low FAR property is likely to be higher. Violations of the FAR may have serious consequences. While most areas have seen the construction of high-rise buildings, violations of FAR standards and encroachment on open spaces will present a significant challenge to the disaster management team when disaster strikes.
Conclusion
Therefore keep all these things handy if you’re buying a property in the near future and research properly about Far for a better understanding of areas of your dream home.
