MMRDA offers discounted BKC rates to boost development

05 Aug 2024 CW Team

To boost development of remaining plots in the E and G blocks, the Mumbai Metropolitan Region Development Authority (MMRDA) is offering a special promotional rate for additional built-up area (BUA) at the International Finance and Business Centre (IFBC) in Bandra Kurla Complex (BKC). This offer, available for one year starting mid-July, aims to attract competitive bidding and support the redevelopment of existing plots.

The new rates for additional Floor Space Index (FSI) will be based on the Annual Schedule of Rates (ASR), aligning with the current ready reckoner rates. Previously, additional BUA was charged at the same high rates as existing BUA, which limited development due to the high cost in BKC.

With the introduction of these subsidized rates, the MMRDA hopes to encourage more development proposals. This move also stands to generate revenue for the authority, which is managing projects worth Rs 1,03,622 crore across 37 initiatives in the Mumbai Metropolitan Region (MMR). These include eight Metro line projects and 29 transport infrastructure upgrades.

The promotional rates were approved by the Urban Development Department (UDD) under Chief Minister Eknath Shinde, following a proposal from a high-power committee set up in 2022.

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