BMC nod for 50% premium cut to realty firms
Real Estate

BMC nod for 50% premium cut to realty firms

The Brihanmumbai Municipal Corporation (BMC) has cleared a proposal for granting a 50% discount in premium payments to real estate firms for one year.

In January this year, the Maharashtra state government had cleared the proposal in the legislative assembly, directing the municipal bodies of the state to take a call on the implementation.

The Maha Vikas Aghadi (MVA) government had presented a financial incentive package for the real estate sector last month. As per the package, the 50% concessional rate for premium would be valid till 31 December 2021, for all new construction projects, regardless of size and type, sanctioned in the state on or before the deadline. The ongoing projects may also avail the benefit of premium instalments to be paid by December 31.

Real estate developers pay premiums for availing additional buildable area or floor space index (FSI) for residential and commercial projects.


4th Indian Cement Review Conference 2021

17-18 March 

Click for event info


According to the approved proposals, developers availing the special scheme will have to compulsorily bear stamp duty and registration fees for homes sold during the years in the beneficiary projects.

Development plans fees and premiums are two major sources of revenue for the cash strapped BMC. Earlier, BMC had announced a target of Rs 2,000 crore from development plan fees and premiums for this financial year.

The 10 day Budget session of Maharashtra will begin today. The session will have eight working days and the budget will be tabled on March 8. Bills pertaining to sectors such as revenue, higher education and home are likely to be taken up.

Image Source


Also read: Industry reacts with enthusiasm at Maha premium cut

Also read: Delhi govt cuts real estate circle rates

The Brihanmumbai Municipal Corporation (BMC) has cleared a proposal for granting a 50% discount in premium payments to real estate firms for one year. In January this year, the Maharashtra state government had cleared the proposal in the legislative assembly, directing the municipal bodies of the state to take a call on the implementation. The Maha Vikas Aghadi (MVA) government had presented a financial incentive package for the real estate sector last month. As per the package, the 50% concessional rate for premium would be valid till 31 December 2021, for all new construction projects, regardless of size and type, sanctioned in the state on or before the deadline. The ongoing projects may also avail the benefit of premium instalments to be paid by December 31. Real estate developers pay premiums for availing additional buildable area or floor space index (FSI) for residential and commercial projects.4th Indian Cement Review Conference 202117-18 March Click for event info According to the approved proposals, developers availing the special scheme will have to compulsorily bear stamp duty and registration fees for homes sold during the years in the beneficiary projects. Development plans fees and premiums are two major sources of revenue for the cash strapped BMC. Earlier, BMC had announced a target of Rs 2,000 crore from development plan fees and premiums for this financial year. The 10 day Budget session of Maharashtra will begin today. The session will have eight working days and the budget will be tabled on March 8. Bills pertaining to sectors such as revenue, higher education and home are likely to be taken up. Image Source Also read: Industry reacts with enthusiasm at Maha premium cut Also read: Delhi govt cuts real estate circle rates

Next Story
Infrastructure Urban

DCPC Prepares for Special Campaign 5.0 with Focus on E-Waste

The Department of Chemicals and Petrochemicals (DCPC), Ministry of Chemicals and Fertilisers, is gearing up for Special Campaign 5.0, to be held from 2nd to 31st October 2025. The initiative will focus on e-waste disposal as per MoEFCC’s E-Waste Management Rules 2022, space optimisation, and enhancing workplace efficiency across field offices.Special Campaign 4.0, conducted between October 2023 and October 2024, delivered notable results in record management, grievance redressal, scrap disposal, and cleanliness drives.Key outcomes of Special Campaign 4.0Records management: 2,443 physical fil..

Next Story
Real Estate

BlackRock India Leases 1.4 Lakh Sq Ft in Bengaluru

BlackRock Services India, the domestic arm of global asset manager BlackRock, has leased 1.4 lakh sq ft of office space at IndiQube Symphony in Bengaluru, according to Propstack data. The 10-year deal is valued at around Rs 4.10 billion.The lease, among the largest transactions in India’s co-working sector, highlights the growing preference of global institutions for flexible office providers. The agreement, commencing October 1, 2025, covers ground plus five floors in KNG Tower 1 at Ashoknagar, MG Road — one of Bengaluru’s prime commercial hubs.As per the lease document, BlackRock will ..

Next Story
Infrastructure Transport

L&T Bags Rs 25–50 Bn Order for Mumbai-Ahmedabad Bullet Train Track Works

Larsen & Toubro’s (L&T) Transportation Infrastructure business has secured an order valued between Rs 25 crore and Rs 50 billion from the National High Speed Rail Corporation Limited (NHSRCL) for the Mumbai-Ahmedabad High Speed Rail (MAHSR) corridor.The contract, Package T1, involves the design, supply, construction, testing, and commissioning of 156 route km of high-speed ballastless track on a Design-Build Lump Sum Price basis. The stretch runs from Mumbai’s Bandra-Kurla Complex to Zaroli village in Gujarat and includes 21 km of underground track and 135 km of elevated viaduct.Se..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?