One-time, 50% Covid rebate to buy extra FSI to stay till projects completed: Bombay HC

The Bombay High Court has ruled that the 50% rebate on purchasing additional floor space index (FSI) offered by the state government to developers during the pandemic will be applicable until project completion. The court directed the BMC to revalidate building permissions without requiring payment of differential premiums. The rebate was introduced to support the real estate sector, following a report by the Deepak Parekh committee that highlighted the need to rationalize premiums and levies on builders. Some developers have already paid additional amounts and the BMC has been ordered to refund one such payment.

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