CREDAI Mysore submitting memorandum to Minister Dr. Yathindra.

Mysuru: A delegation of Confederation of Real Estate Developers’ Associations of India (CREDAI), Mysuru, urged the State Government to introduce key regulatory reforms.

The reforms include higher Floor Area Ratio (FAR), Premium FAR, Transfer of Development Rights (TDR) and an extension of building plan sanction validity, to accelerate planned urban development.

The delegation, led by CREDAI Mysore President M.S Harish Shenoy, Joint Secretary Kumaraswamy and Executive Committee Member Mallikarjun, met Urban Development Minister Dr. Yathindra Siddaramaiah in Mysuru recently and submitted a memorandum.

Among its key demands, CREDAI sought adoption of FAR norms comparable to those followed in other Tier-II cities in Karnataka, stating that the existing FAR regulations in Mysuru are comparatively restrictive and limit optimal land utilisation, housing supply, project viability and infrastructure investment.

CREDAI also urged the Government to introduce Premium FAR and TDR mechanism, pointing out that TDR is already being implemented in cities such as Mangaluru. It said Premium FAR would generate additional revenue for Government while enabling developers to reduce apartment costs and improve housing availability.

CREDAI further requested faster processing of building plan approvals and completion reports and sought alignment of Mysuru’s zoning regulations with those of other Tier-II cities.

The delegation appealed for extending validity of building plan sanctions from present two years to five years, citing longer project execution periods due to statutory approvals, financing cycles, market conditions, labour shortages and unforeseen circumstances.