Earlier, the MTSU had carried out an impact assessment study in which it was established that on granting higher Floor Space Index (FSI) to areas adjoining the length of the first three proposed corridors of the Metro rail, a varying FSI of 2 to 4 would result in real estate supply worth several hundred crores being released in the market over a period of time.

A presentation on the generation of funds through development of circles around stations was given to the Empowered Committee meeting in January. “A study for a pilot station is underway in this regard,” said U P S Madan, Project Director of MTSU.

The 32-km Charkop-Bandra-Mankhurd corridor, which is in its tendering stage, will have 27 stations. The distance between each station along this corridor is approximately 1 km. According to Metropolitan Commissioner Ratnakar Gaikwad, the MMRDA and the MTSU are jointly studying the commercial exploitation of the areas within 500 metres of the stations. “The idea is still at a nascent stage, but the plan discussed was development of a ‘circle of influence’ around the station by giving higher floor space index for which premium could be charged,” Gaikwad explained.

According to the presentation, the 500 metres area around the station would have FSI 4. Planning for the security in the area would also be studied in the micro plan. “Development of circles of influence would be taken up in phases, and green field areas could be taken up on priority. Funds generated through development of these circles of influence could be shared equally between the MMRDA and the concerned local body which will provide basic infrastructure in the area,” the minutes of meeting stated.