Investing in a property is always a life-changing decision. This single decision has a lasting impact on your present and future. The entire process of buying a property can get overwhelming as the world of real estate is a complex one. And thus, one is bound to overlook a few important details. Let’s consider an example, Do you know the full form of FSI or what variables are considered in FSI calculation? Great if you know but in case you don’t know, this post elaborates on the same and as you go through it, you will realise its importance.
It is essential to orient oneself to this sector during this process. Whether you are buying a new apartment, planning to purchase land, or building your own house, there are many rules and regulations that you will have to consider and keep in mind. Getting acquainted with the concepts, terms, and abbreviations used in this sector is an excellent idea as it will make this daunting process more comfortable. Now, without further ado, let’s get to the point.
What is FSI?
What does FSI stand for? The abbreviation stands for Floor Space Index; also referred to as FAR (Floor Area Ratio). It is one of the crucial terms that comes up during purchase of a property. The meaning of FSI in simple terms is the maximum permissible floor area, that a builder can build on a particular plot/piece of land. FSI is the ratio of the building floor covered area to the area available on the land. FSI varies from place to place under the rules and regulations set by the city’s administration.
Total Covered Area On All Floors
FSI = _________________________
Gross Plot Area
A simple example to understand the meaning of FSI and its concept would be, if a plot of land measures about five hundred square meters and the permissible FSI is 1, then the construction of five hundred square meters will be allowed on this plot. As per the permissible FSI, this number can change.
What impacts FSI?
Now that you know what FSI in construction means, it’s important to learn what impacts it. Many things can have an impact on the possible FSI of a building. Some of these include the size of the plot, the type of building, the location of the plot (city zone), essential facilities that can be made available for the building, etc.
For example, the FSI of a land may be dependent on its location. FSI in old and established parts of the city can be different than permissible FSI in developing areas. Each city can revise the FSI value depending on the city’s development needs and the value of the land. The FSI number defines the potential of the plot and its commercial value
Although the math might be simple, calculating the actual FSI of a potential building can be difficult as many areas such as basements, porches, shafts, lifts, service areas, etc. may or may not be counted as a part of FSI as per the regulations of your city. In Mumbai, the basement parking area and stilt parking do not count as a part of FSI. Similarly, rules may be different in another city. A thorough study of the city’s laws and by-laws is required to assess this accurately.
Irrespective of whether you are building your first home or making a prudent financial investment, buying a property is always a milestone. As buying a property involves a significant investment of money, and it is a long-term asset, it is crucial to understand these factors and the fine print before committing to a deal. Make an informed decision at each step by educating yourself to ensure that nothing jeopardizes this significant purchase.
FAQs
1. What is Floor Space Index?
Floor Space Index (FSI), also known as Floor Area Ratio (FAR), is a parameter used in urban planning to determine the permissible construction density on a plot of land. It represents the ratio of the total built-up area allowed on a plot to the area of the plot itself.
2. How to calculate FSI?
To calculate FSI or FAR, divide the total covered area of all floors by the total area of the plot. The resulting ratio indicates the permissible construction density allowed on the land, as determined by local urban planning regulations.
3. Difference between FSI and FAR
The terms FSI (Floor Space Index) and FAR (Floor Area Ratio) are often used interchangeably, representing the same concept. Both refer to the ratio of the total built-up area permitted on a plot of land to the area of the plot itself in urban planning.
4. Who governs the FSI?
The governance of the Floor Space Index (FSI) typically falls under the jurisdiction of local urban planning authorities or municipal corporations. They establish and enforce regulations regarding FSI limits, ensuring adherence to zoning and development guidelines within their respective jurisdictions.
