BMC asks for new policy to calculate reserved plot acquisition cost
Real Estate

BMC asks for new policy to calculate reserved plot acquisition cost

The Brihanmumbai Municipal Corporation (BMC) urged the revenue department of the state to make a new policy to calculate the price of acquiring reserved private plots for the use of public schools, hospitals and open spaces, among other public amenities in the development plan.

The BMC currently pays hundreds of crores for such land acquisitions as the collector’s office calculates the land cost based on the sale price of flats or built-up area of buildings in the vicinity. The BMC acquired an encroached plot of land in Dahisar reserved for a hospital and playground for more than Rs 330 crore using this formula in November 2019.

Samajwadi Party corporator and MLA Rais Shaikh, who stood against the Eksar plot acquisition, met revenue minister Balasaheb Thorat recently and asked him to frame a new policy for land acquisition by BMC.

Iqbal Chahal, the BMC commissioner, in a letter to the additional chief secretary (revenue) Nitin Kareer in 2020, highlighted that the collector’s office could not derive the cost of reserved land acquisition from the value of a built-up amenity in the area as the methodology results in an excessive amount of award in land acquisition cases and puts a huge load on municipal finances, which is public money.

He also added that the award must be declared considering the higher value of Ready Reckoner (RR) rate and sale instances of similar types of land, and the revenue department is requested to prepare a comprehensive policy in this respect and direct the collector to declare the award as per the RR rate only.

Chahal further mentioned that the collector’s office refused to review the award once calculated, even when the corrections are permissible. Praveen Pardeshi, his former commissioner, also took up the issue with the revenue department in September 2019.

Image Source

The Brihanmumbai Municipal Corporation (BMC) urged the revenue department of the state to make a new policy to calculate the price of acquiring reserved private plots for the use of public schools, hospitals and open spaces, among other public amenities in the development plan.The BMC currently pays hundreds of crores for such land acquisitions as the collector’s office calculates the land cost based on the sale price of flats or built-up area of buildings in the vicinity. The BMC acquired an encroached plot of land in Dahisar reserved for a hospital and playground for more than Rs 330 crore using this formula in November 2019.Samajwadi Party corporator and MLA Rais Shaikh, who stood against the Eksar plot acquisition, met revenue minister Balasaheb Thorat recently and asked him to frame a new policy for land acquisition by BMC.Iqbal Chahal, the BMC commissioner, in a letter to the additional chief secretary (revenue) Nitin Kareer in 2020, highlighted that the collector’s office could not derive the cost of reserved land acquisition from the value of a built-up amenity in the area as the methodology results in an excessive amount of award in land acquisition cases and puts a huge load on municipal finances, which is public money.He also added that the award must be declared considering the higher value of Ready Reckoner (RR) rate and sale instances of similar types of land, and the revenue department is requested to prepare a comprehensive policy in this respect and direct the collector to declare the award as per the RR rate only.Chahal further mentioned that the collector’s office refused to review the award once calculated, even when the corrections are permissible. Praveen Pardeshi, his former commissioner, also took up the issue with the revenue department in September 2019.Image Source

Next Story
Infrastructure Urban

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Next Story
Infrastructure Energy

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

Next Story
Real Estate

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement