Karnataka Unveils Premium FAR Policy to Facilitate High-Rise Construction on Industrial Land
In a significant move aimed at optimizing land use and stimulating urban development, the state government of Karnataka has introduced a premium Floor Area Ratio (FAR) policy. This new regulation permits the construction of high-rise buildings on industrial plots, specifically targeting areas managed by the Karnataka Industrial Areas Development Board (KIADB). The policy sets a FAR of 5.2, which is expected to catalyze substantial growth in the real estate sector, particularly in Bengaluru, where many KIADB plots have already been allocated to builders for residential purposes.
Key Details of the Premium FAR Initiative
The premium FAR of 5.2 represents a notable increase from previous limits, allowing developers to build taller and more densely packed structures on industrial land. This adjustment is designed to address the growing demand for residential and commercial spaces in rapidly urbanizing regions like Bengaluru. By leveraging underutilized industrial plots, the policy aims to enhance land efficiency and support infrastructure development.
Impact on the Real Estate Sector
This policy is anticipated to be a major boon for the real estate industry in Karnataka. With many KIADB plots already in the hands of builders, the enhanced FAR will enable the construction of high-rise apartments, offices, and mixed-use complexes. This could lead to increased housing supply, potentially easing affordability issues and driving economic activity through construction and related services. Experts suggest that the move may attract more investment into the state's property market, fostering job creation and urban renewal.
Broader Implications for Urban Planning
The introduction of premium FAR aligns with broader urban planning goals to promote vertical growth and sustainable development. By allowing high-rises on industrial plots, Karnataka is taking steps to decongest crowded areas and optimize land resources. However, this also raises considerations about infrastructure readiness, such as water supply, transportation, and environmental impact, which will need to be addressed to ensure balanced growth.
Overall, Karnataka's premium FAR policy marks a strategic shift in land-use regulations, poised to reshape the skyline of cities like Bengaluru and boost the real estate sector significantly.
