Mumbai:To boost realty sector, BMC reduces penalties on builders


By Accommodation Times Bureau

Brihanmumbai Municipal Corporation (BMC) is going to minimize penalties on builders to tighten the slow real estate sector in Mumbai. After discussing the matter with Maharashtra Chamber of Housing Industry (MCHI) on May 19, the BMC is planning to trim down the rising project costs for builders by put a shrink on components like land under construction rates and premiums.

“We have had a long discussion with the MCHI and have taken their proposals under consideration .We are trying to realign the taxes to make houses in Mumbai more affordable,” said Municipal Commissioner Ajoy Mehta.

A civic official pointed out that the BMC constrains a steep tax once encroachments are cleared and construction can begin on a plot .

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