Floor Area Ratio (FAR), also referred to as Floor Space Index (FSI) is among the most relevant but poorly understood terms in real estate. Although customers are used to pay attention to the place, cost, and connectivity, FAR itself defines the extent of what a piece of land can be legally constructed. To the buyers of residential plots and those who own homes and are planning to construct a new house in future, it is important to know about FAR. The real estate knowledge sites, such as Neevilas, tend to notify that FAR regulations have a substantial impact on the usability and value of the property in the long term.
What Is Floor Area Ratio (FAR)?
FAR is a division of the total area covered by a building and the size of the piece of land on which the building is built. To illustrate, when there is an FAR of 2 on a plot of 100 square metres, the area of construction that can be carried out is 200 square metres. Local development authorities establish FAR limits depending on zoning laws, the road width, infrastructure capacity and urban planning objectives. According to Neevilas, the existence of FAR is aimed at mitigating congestion, proper open spaces, and density of population.
The reason why FAR is important to the residential plot buyers
In the case of plot buyers, FAR defines the number of floors that can be constructed and the area of space that can be used to live in. The bigger FAR permits the vertical development and the lower FAR prohibits the building. Independent house, rental floor, and future redevelopment buyers have to consider FAR before buying the land. Based on experiences that have been presented by Neevilas, non-observance of the FAR norms may lead to a design restriction or failure to obtain approval in the process of construction.
Effects of FAR to the Value of Property
FAR has a direct impact on the value of land. Plots that have higher permissible FAR tend to fetch a premium particularly in the urban and semi-urban regions where land is limited. Increased FAR enhances potential development and hence such plots will be appealing to the end users as well as the investors. Nevertheless, the increased FAR does not necessarily imply the increased livability. High density may over-strain infrastructure and decrease open spaces. According to Neevilas, customers need to determine whether increased FAR matches their lifestyle demands and the quality of infrastructure in their area.
Recent Changes and Rationalisation of FAR
The way FAR norms have been altered to suit urban growth and redevelopment has changed many urban areas in recent years. The introduction of more FAR along major roads, transit routes and areas of redevelopment is usually proposed to assist housing demand. Although these revisions offer chances, the buyers need to make sure that the revised FAR is notified and applicable to their particular plot. Neevilas cites experts who recommend that one should not be guided by informal claims of future FAR increase.
The Floor Area Ratio is a decisive factor that determines the way in which residential land can be utilised and built. Plot buyers would consider FAR as influencing construction potential, long term flexibility and property value in general. Knowledge of the local FAR regulations can enable buyers to match the purchases with future plans and regulatory realities. The ability to remain updated on reliable sources of real estate knowledge such as Neevilas can also assist the buyer in making assured, compliant, and future-proof decisions.
