Mumbai property: BrihanMumbai Municipal Corporation may look at lowering premium for extra FSIs
The premium on fungible floor space index (FSI) currently is 60 per cent, 80 per cent and 100 per cent of stamp duty as per the ready-reckoner rate for residential, industrial and commercial development, respectively. One-third part of the premium is payable to the state, and the remaining to the BrihanMumbai Municipal Corporation.
Following complaints from real estate developers regarding the proposed premium to be levied in exchange for the extra FSI, the BrihanMumbai Municipal Corporation (BMC) has shown its willingness to look at reducing the rates, a top official said. The premium on fungible floor space index (FSI) currently is 60 per cent, 80 per cent and 100 per cent of stamp duty as per the ready-reckoner rate for residential, industrial and commercial development, respectively. One-third part of the premium is payable to the state, and the remaining to the BMC.
"Yes, the cost of getting a permit in Mumbai is expensive and there is no doubt that it is high as compared to any other part of the country. But now we are having a rethink and relooking at the issues," BMC commissioner Ajoy Mehta said at a CII event here today.
FSI is the ratio of total built-up area to the size of the plot.
Govt mulling restoration of old pension scheme (OPS) for central govt employees? Minister of State for Finance Pankaj Chaudhary says THIS in Lok Sabha
Back-To-Back Upper Circuit! This multibagger infrastructure stock hits upper circuit for 12th straight session
Retail inflation now stable, temporary increases due to demand-supply mismatches: FM Nirmala Sitharaman
D-Street Newsmakers: Tata Power, Subros, Ashok Leyland among 10 stocks that buzzed the most on Monday
Tata Power shares near record high after power generator joins hands with Indian Oil to set up EV charging points
Old Tax Regime clear winner, preferred by 63% taxpayers who prioritize long-term investments, tax-saving: Survey
He said while the Corporation will rethink about the issues raised by developers, "they (developers) should understand that it (premium on FSI) is also a source of revenue for it".
Mehta further said the Corporation is in the process of drafting a transition policy till the new Development Plan (DP) 2034 is implemented.
"We are aware that the implementation of the new DP will take some time. Until then, we are drafting a transition policy and we are seeking suggestions and objections from the stakeholders. We are hopeful that we will soon come out with it," he added.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)