Govt issued directives under section154 (1) or MRTPAct to promote real estate development in Mumbai. The directives have proposed following reduction in premium and waiver for two (2) years from date of publication of this notice (i.e. till 20th August 2021)
- Premium for the additional FSI and Fungible Compensatory Area shall be charged at 35% for Residential Development & 40% for Commercial Development of the land rates as per ASR (for FSI 1) instead of 50% of ASR (for FSI 1).
- Reduced premium for the redevelopment of MHADA Society by 50% for EWS/LIG society and 25% for MIG and HIG Society.
- Development Cess shall not be collected for said period as per Regulation 30 and various sub-regulation under Regulation 33.
- Premium provided under regulation 33(13) and 33(19) reduced to 40% of ASR for open developed land.
- Premium formula formula under 33(18) for the public parking lot is revised from 60% to 40% of [Value of the additional BUA corresponding to the incentive FSI admissible under this Regulation, as per A.S.R. – (Cost of construction of PPL + cost of any extra amenities/facilities provided + cost of construction of BUA corresponding to the incentive F.S.I. admissible under this Regulation)]
