New policy for old leasehold plots in Mumbai
In order to earn more money, the Maharashtra state cabinet has cleared a new policy for pre-Independence leasehold plots in Mumbai.
The policy will affect the monthly rentals of tenants occupying old buildings in the city. As per the new policy, the government has hiked rent, limited the term of new agreements to 30 years and has offered occupancy rights, i.e. the right to use a plot for the specified period without paying annual rent after making a one-time payment.
The term of many British-era lease agreements used to range from 50 to 999 years. Prior to the new policy, the state has been losing revenue because of meagre lease rent and also because hundreds of leases have not been renewed for 40 years.
The policy will not apply to Brihanmumbai Municipal Corporation (BMC) and gymkhana land.
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