Fortune hunting

Cash-strapped BMC (Brihanmumbai Municipal Corporation) will soon earn several hundred crore a year from builders. The Maharashtra Government recently approved the amendments proposed by Subodh Kumar, Municipal Commissioner, that provide an incentive built-up area (BUA) to land-owners and developers for constructing public parking lots on private plots. In return, developers will have to share 40 per cent of their profits with the BMC. Each new parking lot could fetch the BMC Rs 50 crore to Rs 60 crore. The premium will be shared equally between the BMC and the state government. The construction cost of Rs 1,500 per sq ft for the parking lot and 2,500 sq ft for the additional BUA will be considered for calculating the unearned income. This will be revised every year. Parking lots will be sanctioned only after assessment of current and future parking needs in an area.