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

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..