BMC discards plan to give credit notes to contractors

01 Oct 2021 CW Team

BMC will build only 4,000 housing units in Chandivali via cashless means for about Rs 2,500 crore.

The 4,000 PAP units constructed through credit notes and Transfer of Development Rights (TDR) have been placed before the committee of the municipal corporation for approval. The developers can utilise the credit notes to pay municipal taxes and premiums to BMC or can also sell the credit notes to other developers.

According to an official, the corporation has received applications for PAP units, and it will conduct a detailed analysis by verifying the agreement value in zones from the inspector general of the registration and stamps department and found out that the rates were feasible only for one zone in Chandivali.

The credit notes value is Rs 1,584 crore, land TDR Rs 295 crore and construction TDR Rs 619 crore. Every PAP unit of 27.9 sq metres will cost BMC over Rs 60 lakh. BMC's total savings will be nearly Rs 178 crore, compared to the market rates. For the ongoing infrastructure projects, BMC needs 36,000 PAP units, said the official.

In March, BMC decided to go cashless for a Rs 9,000 crore mega project for housing construction for PAPs. From the total amount, Rs 6,000 crore was paid via credit notes, while the remaining was TDR. According to the plan, landowners with reserved land for PAPs or housing can offer their land to BMC.

The owners will also have to construct it for BMC. The corporation will house people affected through infrastructure projects such as roads, flyover and bridges construction, laying of drains, among others.

The opposition party alleged that the plan would turn into a scam when developers start paying through credit notes when the corporation is facing a financial crunch.

Image Source

The Brihanmumbai Municipal Corporation (BMC) has discarded its plan to give out credit notes instead of money to the contractors for constructing 12,000 housing units of Rs 9,000 crore for project-affected persons (PAPs). BMC will build only 4,000 housing units in Chandivali via cashless means for about Rs 2,500 crore. The 4,000 PAP units constructed through credit notes and Transfer of Development Rights (TDR) have been placed before the committee of the municipal corporation for approval. The developers can utilise the credit notes to pay municipal taxes and premiums to BMC or can also sell the credit notes to other developers. According to an official, the corporation has received applications for PAP units, and it will conduct a detailed analysis by verifying the agreement value in zones from the inspector general of the registration and stamps department and found out that the rates were feasible only for one zone in Chandivali. The credit notes value is Rs 1,584 crore, land TDR Rs 295 crore and construction TDR Rs 619 crore. Every PAP unit of 27.9 sq metres will cost BMC over Rs 60 lakh. BMC's total savings will be nearly Rs 178 crore, compared to the market rates. For the ongoing infrastructure projects, BMC needs 36,000 PAP units, said the official. In March, BMC decided to go cashless for a Rs 9,000 crore mega project for housing construction for PAPs. From the total amount, Rs 6,000 crore was paid via credit notes, while the remaining was TDR. According to the plan, landowners with reserved land for PAPs or housing can offer their land to BMC. The owners will also have to construct it for BMC. The corporation will house people affected through infrastructure projects such as roads, flyover and bridges construction, laying of drains, among others. The opposition party alleged that the plan would turn into a scam when developers start paying through credit notes when the corporation is facing a financial crunch. Image Source

Infrastructure Urban

06 Apr 2026

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..

Infrastructure Energy

06 Apr 2026

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..

Real Estate

06 Apr 2026

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..