MUMBAI: The Mumbai Metropolitan Region Development Authority (MMRDA) has relaxed the requirement of development of a plot within of four year to six years, without having to pay any penalty.
The decision was taken at the authority meeting held under the chairmanship of chief minister Prithviraj Chavan in Banda-Kurla complex on Monday.
A senior offcial said, The plot holder was required to pay 10% of the auction amount per year, for 3 years as penalty for failure to complete construction within a period of 4 years. The new policy will be applicable to the present plot holders who are holding plots for less than 4 years. The plot holders who have exceeded the period of 4 years, but within 6 years, will have to pay a penalty of 10% of the auction amount for the delayed construction to be entitled to the new policy. All new purchases will enjoy a construction period of 6 years.
The MMRDA also offered an additional built-up area of 5.45 hectares (about 54,000 square meters) in the E Block predominantly commercial zone of the Bandra-Kurla Complex.
The official said, As there are no vacant plots available in E Block, the additional build-up area is offered to the existing plot holders at a premium of 200% of the ready-reckoner rate.
The Authority has further decided to waive of 5% of premium for additional basement parking in BKC. The Complex with its planned development has been enjoying the status of a business hub and facilities such as parking are being underlined. The decision has been arrived at only to cater to the parking needs of the Complex.
The Authority, during its meeting, also granted ex-gratia amount of Rs.16,500/- to the MMRDA employees.
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