By Accommodation Times Bureau
Construction period increased from 4 to 6 years without penalty
5% of premium for additional basement parking waived to promote parking in BKC
Mumbai, October 22, 2012 – The Honourable Chief Minister and Chairman, MMRDA, Mr.Prithviraj Chavan, during the 131st Authority meeting, held today, arrived at a few coherent policy decisions and offered an additional built-up area of 5.45 hectares (about 54,000 square meters) in the ‘E’ Block – predominantly commercial zone – of the Bandra-Kurla Complex. As there are no vacant plots available in ‘E’ Block, the additional build-up area is offered to the existing plot holders at a premium of 200% of the ready-reckoner rate.
The Authority has also relaxed the requirement of development of a plot within a period of 4 years to 6 years without having to pay any penalty. The plot holder was required to pay 10% of the auction amount – per year, for 3 years – as penalty for failure to complete construction within a period of 4 years. The new policy will be applicable to the present plot holders who are holding plots for less than 4 years. The plot holders who have exceeded the period of 4 years, but within 6 years, will have to pay a penalty of 10% of the auction amount for the delayed construction to be entitled to the new policy. All new purchases will enjoy a construction period of 6 years.
The Authority has further decided to waive of 5% of premium for additional basement parking in BKC. The Complex – with its planned development – has been enjoying the status of a business hub and facilities such as parking are being underlined. The decision has been arrived at only to cater to the parking needs of the Complex.
The Authority, during its meeting, also granted ex-gratia amount of Rs.16,500/- to the MMRDA employees.