MMRDA exploring new avenues to generate funds
In order to generate more revenue to fund infrastructure projects in Mumbai and other areas, Mumbai Metropolitan Region Development Authority (MMRDA) has sold land parcels in the Bandra-Kurla Complex (BKC) and Wadala.
Over Rs 70,000 crore expected towards infrastructure projects in the next decade, the projects is in urgent need for alternate sources of revenue for the body. MMRDA sources said that revenue will not be adequate to meet long-term demands.
Proposal has already been moved for levy of development fee on all property transactions in areas falling in the “zone of influence” of projects like the Metro corridors, monorail and Nhava-Sewri Trans-Harbour Link.
Bandra-Kurla Complex (BKC), MMRD, Mumbai Metropolitan Region Development Authority, Mumbai Properties, Mumbai real estate, Projects, Properties in Mumbai, Property transactions, Real estate in India, real estate mumbai, Revenue, Revenue in real estate
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