Lucrative market policy for developers
To increase the redevelopment work of the damaged buildings, the BMC has come up with an improved market policy to make it productive for developers.
The Brihanmumbai Municipal Corporation (BMC) will certainly levy less quality on the sale component of the project and for fungible FSI the estate department will not charge anything.
The development plan department will charge 60 percent on the extra FSI which was 40 percent in the earlier policy. The modified policy is only for the markets which BMC is planning to revamp. There are around 25 markets to redevelop.
The premium on the selling portion of the projects will be determined on the basis of the nature of the building, if industrial then 125% of the ready reckoner rates will be levied, if residential then 100% and if commercial then 200% of the ready reckoner rates will be levied as premium.
BMC, Commercial real estate, damaged buildings, development plan department, Floor Space Index, FSI, Mumbai realty, Ready reckoner rates, Real Estate Developers, Real estate in Mumbai, Redevelopment work, redevelopmet, residential real esate
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