BMC checks redevelopment project delays
No Comments Sub Category:Mumbai,Municipality Posted On: Oct 18, 2012
In order to crackdown sloppy work, a policy has been issued by Brihanmumbai Municipal Corporation (BMC) which states that maximum period of redevelopment of property should be four years and levying penalties on developers who cross deadlines.
Already over Rs 90 penalties are issued on sub-engineers of road department for not filling up the pot hole during monsoon.
It has ordered an interest of 18% on the capitalised value and an additional Rs 1 lakh per month for any extension a builder might seek in a progressing project.
Tags:
Brihanmumbai Municipal Corporation, Capital value, Development projects, levying penalties, Mumbai, Mumbai real estate, Penalty, Properties, Property, Redevelopment projects, redevelopment properties
