BMC nod for 50% premium cut to realty firms

01 Mar 2021 Editorial Team

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

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..