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BMC to allow private firms to redevelop 674 plots

Friday, 16 Oct 2020
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The Brihanmumbai Municipal Corporation (BMC) will allow private entities to redevelop 674 of its plots across Mumbai given on tenancy decades ago. 
The developers will have to pay 62.5 percent of land cost (ready reckoner rate) for residential building construction and 125 percent for commercial buildings and can utilise the plot’s entire development potential for their profit. 
The civic body will also allow conversion of these tenancy plots to lease-hold plots for 60 years, thereby giving the lease holder virtual ownership of the plots. 
The BMC general body approved the policy in March 2019 and recently the administration introduced guidelines.
These plots were vacant when given on a tenancy basis since 1937; the corporation charged a very nominal rent from the occupant, and no development was allowed without the civic authority’s permission. 
The guidelines state that the corporation will charge a one-time premium to the tenancy holder to hand over the plot to them for their use on a 30-year lease, which will be further extended for another 30-year period. 
The guidelines also state that lease holders will have all the development rights of the plot, can use the available FSI of the plot and construct residential-commercial buildings on it for sale.
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