India, Aug. 22 -- The opposition has criticised the Thane Municipal Corporation (TMC) for sanctioning a Floor Space Index (FSI) of 12 for its ambitious cluster development project, pointing out that civic officials and the ruling parties are merely out to make money. The civic body, however, is yet to finalise the plan.

Claiming that the move could increase Thane's population fivefold, the opposition has alleged that the ruling parties and the TMC are planning to "sell the city" to developers.

The civic body formed a Special Purpose Vehicle (SPV) -- Thane Cluster Development and Area Improvement Company Limited (TCDAICL) -- in partnership with MahaPreit, a state government undertaking which focuses on executing clean energy, emerging te...