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

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.

Also read: Industry reacts with enthusiasm at Maha premium cut

Also read: Delhi govt cuts real estate circle rates

23 Jun 2025

Sterling Unveils Premium Retreat Near Lansdowne at Vanvasa Resort

Sterling Holiday Resorts has launched Sterling Vanvasa, its latest premium hideaway located near Lansdowne, Uttarakhand. Set amidst 30 acres of forested hillside, this offbeat destination is designed for travellers seeking tranquillity, nature, and a break from urban stress. It marks Sterling鈥檚 eighth resort in the state, strengthening its position in curating India鈥檚 most serene holiday escapes. Situated beyond Juee village at an altitude of over 3,200 feet, the retreat offers panoramic views of the Garhwal Himalayas, lush pine and sal forests, and the distant Ramganga river. Far fro..

Resources

23 Jun 2025

REC Wins ASSOCHAM CSR Award for Healthcare Support Initiatives

REC, a Maharatna Central Public Sector Undertaking (CPSU) and leading non-banking financial company (NBFC) under the Ministry of Power, Government of India, has received the ASSOCHAM CSR and Sustainability Award 2024 for 鈥楨xcellence in Providing Support to Healthcare鈥�. The award was presented during the 6th ASSOCHAM CSR and Sustainability Conference and Awards held in Hyderabad. Shri Anjan Lahiri, Senior General Manager and Head of Department (REC Foundation), received the honour on behalf of REC from the Hon鈥檅le Deputy Chief Minister of Telangana, Shri Mallu Bhatti Vikramarka. ..

Infrastructure Urban

23 Jun 2025

Essensai067 to Launch Sustainable Adventure Park for Children in July

Essensai067, the sustainable, community-first retail enclave in Whitefield, is set to open a state-of-the-art Adventure Park for children under 12 this July. Designed to foster physical activity, imagination, and social connection, the park aligns with Essensai067鈥檚 philosophy of creating meaningful, inclusive spaces. Spread across 5.16 acres of heritage land, Essensai067 integrates food, fashion, art, and music with wellness and community engagement. The Adventure Park reinforces this vision by offering a nature-inspired play environment, aimed at reducing children鈥檚 screen time and ..