Lifestyle

18 Mumbai builders get stop work notice for defaulting on premium payment

[ecis2016.org] The Brihanmumbai Municipal Corporation has issued stop work notices to 18 housing projects in the city, for the developers’ failure to deposit the premium amount to the tune of Rs 357 crores

The Brihanmumbai Municipal Corporation (BMC) has issued stop work notices to 18 developers, executing as many housing projects with different names, on the civic body’s land in the city, for failing to deposit the premium amount. “These developers collectively owes Rs 357 crores to the BMC, accumulated since May 2012, besides 18 per cent penalty on late payment,” the BMC said in a statement.

You are reading: 18 Mumbai builders get stop work notice for defaulting on premium payment

[ecis2016.org] The FSI premium that is hurting Mumbai’s property market

Read also : Top 10 office markets that witnessed highest rental growth in Q1 2018: Colliers report

With an objective to arrest the misuse of free FSI and to mobilise much-needed revenue for infrastructure development of the city, the government had, in 2012, amended the Development Control Rules (DCR) and allowed builders to pay premium to the civic bodies, in lieu of availing the fungible FSI. “As the builders have failed to pay the premium for their redevelopment projects, stop work notice has been issued to 18 projects and the project owners have been asked to clarify,” said the statement.

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Source: https://ecis2016.org
Category: Lifestyle

Debora Berti

Università degli Studi di Firenze, IT

Leave a Reply

Your email address will not be published.

Back to top button