MMRDA extends built-up area, time for construction on auctioned plots
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Mumbai Metropolitan Region Development Authority (MMRDA) has announced a bonanza for commercial plot-holders in E block at Bandra-Kurla Complex — 54,000 square metres of additional built-up area.
MMRDA took three crucial decisions aimed at regularising development of auctioned land at a meeting attended by Chief Minister Prithviraj Chavan Monday. The other two decisions being more time for construction on auctioned plots and promotion of basement parking. "There is no land available in E block, but we have 54,000 square metres of additional built-up area to offer. We cannot use it in G block, so decided to give it to commercial plot-holders in E block," said Rahul Asthana, metropolitan commissioner at MMRDA.
An MMRDA spokesperson said the exisiting build-up area in E block, which houses the family court and offices of Maharashtra State Electricity Board, income tax and sales tax, was close to 1 lakh square metres.
The additional area will cost Rs 1.57 lakh per square metre till December 31, after which new ready reckoner rates would apply and the cost would jump to 200 per cent of that.
Plot-holders will now get six years, instead of four, to complete construction. If a plot-holder fails to complete construction in six years, MMRDA will levy a penalty of 10 per cent of the auction price for the first three years and 15 per cent thereafter.
"We noticed environment and other committees were taking really long to grant clearances. In the meanwhile, floor space index (FSI) increased. The rule was all plot-owners get four years for construction irrespective of an FSI of 4, 8 or 9. We decided to extend the limit to six years," Asthana said, adding that 10-12 plot-holders nearing the four-year limit would benefit.
Noting the shortage of parking space in the business district of Bandra-Kurla Complex, MMRDA decided to abolish the 5 per cent premium for basements beyond two. "We have decided to align ourselves with BMC, which doesn't charge a premium," Asthana said.
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