Real estate prices in Mumbai might increase with the new Development Control Rules
In order to abide by the new development control rules, developers have had to change plans and resubmit them to the BMC. This process will raise the construction cost of the properties in Mumbai.
According to different real estate builders of Mumbai, this decision will increase the cost of construction of properties in a range of Rs 750 to Rs 1500 per sq ft.
Analysts also agreed that this price hike will be passed on to consumers, and so, the cost of the commercial and residential properties in Mumbai will increase.
There are few builders who have already resubmitted the revised construction plan to the Brihanmumbai Municipal Corporation.
Sunteck Realty and Lodha Developers have also come on record to say that prices would rise in a range of 5 percent to 8 percent by this decision of the Mumbai Municipality.
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Reduction in Property Tax for Apartments in Mumbai
Source: Your Money Site
BMC, Brihanmumbai Municipal Corporation, Development Control Rules, Mumbai municipality, Properties in Mumbai, Real estate in Mumbai
Due to the changes in Mumbai Municipality the cost of construction will increase and also the prices for the residential and commercial properties.