The new rules allow the height of parking lots to ground plus four storeys and two basements, while mechanised parking lots have been disallowed.
The developer will now have to pay a premium on 40 per cent of his unearned revenue to the state authorities of which 50 per cent will be shared by the Mumbai municipal corporation and the state government.
The premium will be arrived at after deducting the construction cost for parking lot and facility, set up using the FSI incentive, from the residential ready reckoner rate for additional incentive built up area available to the builder.
A committee comprising municipal commissioner and traffic police commissioner will conduct a scientific study of finalising parking lots to assess current and future parking needs of an area and submit proposals to the state government for approval.
Chief Minister Prithviraj Chavan said that the new norms of constructing public parking lots with private participation have been finalised in view of the growing traffic congestion in Mumbai.