Mumbai, Oct. 18 -- With the metro network gradually expanding across the city, top real estate players are exploring opportunities to tap the amended policy allowing taller buildings in the vicinity of metro stations. The Mumbai Metro Rail Corporation Limited (MMRCL), which operates and manages the Aqua Line (Metro 3), has received as many as 31 queries from 13 developers over the past one and a half years, seeking to avail higher Floor Space Index (FSI) through the Transit Oriented Development (TOD) scheme, officials familiar with the matter told Hindustan Times. Among the prominent players who have shown interest are K Raheja Corp, Prestige Group, Suraj Estate Developers and Valor Estate (former D B Realty), the officials said. The state urban development department had, in mid-2024, amended the Development Plan to accommodate TOD along the underground Aqua Line, connecting Cuffe parade in south Mumbai with Aarey near the Sanjay Gandhi National Park. The amended policy permits developers to get additional FSI, up to a maximum of five, for projects that fall within a 500-metre radius of 10 stations on the Aqua Line, in addition to 35% fungible FSI for rehabilitation projects. Such projects are also eligible for direct subway access to metro stations under the scheme. FSI represents the ratio of a building's total floor area to the size of the plot on which the building stands. In Mumbai, the maximum permissible FSI is four, depending on the location of projects and width of roads. Fungible FSI refers to extra area that developers are allowed to construct free of charge in case of redevelopment projects. Among the 31 queries the MMRC has received so far, a majority are for projects near the Dadar, Worli and Science Centre metro stations, at five each. Three queries each pertain to projects near the Shitaladevi, Siddivinayak and Acharya Atre Chowk metro stations, while two queries each pertain to projects around the Sahar Road, Mahalaxmi and Jagannath Shankar Seth stations and one query pertains to a project near the CSMIA T2 metro station. The MMRC is yet to receive formal applications from developers to avail additional FSI benefits, following which memoranda of understanding would be inked, officials clarified. "So far, we have only granted prior approvals to developers based on the location of proposed projects," R Ramana, director, planning and non-fare box revenue told Hindustan Times. Among the prominent players who have shown interest, K Raheja Corp was issued a letter in August 2024, confirming that its redevelopment project near the Science Centre metro station was eligible for the scheme. The developer is executing the redevelopment of the Famous Studio. Likewise, Valor Estate and Prestige Group were issued letters confirming their projects along the Dr Elijah Moses Road were eligible for additional FSI....