Mumbai: Brihanmumbai Municipal Corporation (BMC) has received a record number of more than RS 11,000 Crore so far this year from builders Mumbai rushed to take advantage of a 50% discount on the premium offered from January 2021.
Civil sources said Kitty Final May Cross 12,000 Crore when the window One year discount was turned off on Friday night.
Earlier this year, BMC divided two premium developers who were quite paid for it and the state government for additional construction rights.
Over the past decade, civilian government collected Hospital 3,500-4,000 crore every year by means of premiums and other fees from builders.
But the locking of Covid 2020 achieved BMC finances badly after the real estate industry took a terrible knock; Civil administration can manage nearly 2,500 crivers between April 2020 and March 2021.
In 2019-2020, the collection is approximately Rs 3,800 crores.
But by slashing this year’s premium, BMC gets a large-scale financial bonanza.
The biggest rush for BMC discounts among Commissioner Bldrsmunamicival Iqbal Chahal said the total collection could touch the RS 15,000 Crore on March 2022 Covid Lockdown, “said Chahal Toi on Thursday.” About 600 construction projects in Mumbai, both rebuilding and Greenfield, have Being cannot be used because of high premiums.
One of them is the Godrej Property project in Wadala (Adarsh ​​Nagar) where the premium is Rs 500 Crore and the developer said it could not be divel.
.
But with a 50% concession, the premium drops to Rs 250 Crore and the project has now become feasible, “he said.
The biggest rush to take advantage of this concession is a builder of the western edge (between Dahisar and Bandra), who pay around Rs 6,500 Crores to the corporation Between January and December 2021.
Most of which is for the development project of the community where the market where the Western suburbs are suddenly taken due to the dilution of the Norma Zone Coastal Regulations (CRZ), which limits construction activities near the coastline.
In comparison, builders from Eastern suburbs (Mulund to Kurla) have paid around RS 2,500 Crore during this period.
Developers from the city of the island (Mahim-Sion) are believed to have paid the RS 3,000 Crore.
“This concession has provided a big boost for the real estate industry.
The rebuilding proposal was decent, but the government had to extend the date for the concession of at least three months, “said the architect of Manoj Daisaria.” The 50% concession provides a reduction in 8-10% in project development costs, which helps achieve economic feasibility.
Many old project is jammed, it becomes economically feasible.
Increasing sales in real estate housing is also another reason for the driving sentiment and self-confidence developer, “said Pankaj Kapoor from Lias Foras’s real estate research firm.
Way Gulam Zia, Executive Director of Knight Frank India:” The state government first gave a big suspension to Last year’s real estate industry by declaring sufficiently large stamp duties.
This results in the highest sales transaction of all time in Mumbai; Ended 1,11,000 apartments for sale and registered in the calendar in 2021 in greater Mumbai jurisdiction.
“Zia said,” The resurrection in sales encourages developers to buy this FSI first and pay a premium to take advantage of discounts offered by the government.
The government also collects large income while providing new leases for industries desperately.
to help.
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