The HC passed interim order directing the BMC to process applications and grant redevelopment permission on accepting a payment of transfer premium at the rate of 10% of the ready reckoner value. There are around 4000 such leased properties which were being affected since the BMC demand effectively put all redevelopment projects at a standstill said developers.
The BMC was asking 2% of the market rate as the new lease rent for properties going in for redevelopment as opposed a to a mere Rupee as rent in most cases. A bunch of redevelopers including Central Mumbai Developers Welfare Association, Dattashram cooperative Housing Society, Gayatri Developers, Taurus Developers and D V K Real Estate among others had filed petitions last year to challenge the BMC demand.
The state had amended the BMC Act with retrospective effect to charge transfer premium when its land which was given on lease is either transferred by the lessee or when the lessee enters into development agreement.
The developers' counsel Milind Sathe argued that there was no authority in law to either increase lease rent or decrease the lease tenure. The BMC, however, said since the Act is amended, it was empowered to demand a hike in lease rent.
The HC bench headed by Chief Justice Mohit Shah while granting relief to the redevelopers also directed that there will be no increase in ground rent and no reduction in lease tenure till further orders.
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