As one who is buying a property, we would have gone through the Floor Area Ratio or the FAR. The FAR is sometimes changed for a particular city. One has to have an understanding about FAR and the way it carries impact over purchasing property.
To be simple, any city has got a particular capacity to accommodate. It does not augur well if there is added stress. This aspect has the short form called the FAR.
There is a simple formula to calculate FAR. The entire covered area that is divided by the area that the plot occupies.
The FAR varies with cities and also with the type of construction that is raised. This is due to the fact that the features as population, construction activities differ from city to city. Also, hugely government rules and regulations play an important role.
In case the planning entity hikes the FAR, the value in the market may shoot up. But, the owner of the land does not have influence on the price.
When the FAR is raised, it does imply that the residents are in a building with high density. One who has purchased building with lower far can raise more construction and have high returns. There is yet another side to this. When a person purchases a building with lower FAR, the resale value is likely to shoot up.
When the norms are not adhered to, it has serious effects. During times of catastrophe FAR violation will prove a hindrance to the special task force.
In certain cities the FAR value does not go beyond 2.5. But the same value is not applicable to all the areas. When the FAR value is as much as 4, it means that the living is extremely dense.
The FAR value plays an important role in the growth of the country. When FAR value is less, it means that it would prove hindrance to construction. The realtors are looking forward to a rise in FAR so that accommodation could be given to many people.
If one calculates as per the norms of the developers, a hike in the FAR means that more construction could be raised, more selling could be done, and project prices would have a steep fall. A discreet usage would cater to requirements of all.
The violation of the FAR comes to light when the developer of the construction receives the completion certificate. That is the reason why one should go through the completion certificate before buying the property.
There is a common misconception that it is impossible to go vertical if the FAR value is low. When a low FAR value is suggested, it is for the individual’s safety. During times of catastrophe, dense constructions are at risk. Appropriate open space elevates the safety, wherever be it.
Yet another misconception is that when the FAR value goes up, the value of the property reduces. There is another wrong notion that lesser FAR values prove a deterrent to construction employment.
There is also a lingering notion which is untrue. The notion is that construction projects would be hit when there are not higher FAR values.