Summary:
However, indications are that the government may consider revising slabs (telescopic rates) of premiums payable for open space deficits. THE BMC, the country’s richest civic body, is set to take a huge financial hit owing to the slashing of premiums payable for various construction-related activities in the new Development Plan (DP). According to initial estimates, new provisions regarding construction premiums will dent the municipality’s exchequer by Rs 830 crore. Sources also hinted that premiums payable for different activities under various development regulations might be rationalised, in a manner that does not hit the civic coffers. Under the new arrangement, the BMC will only be permitted to retain 25 per cent of the premium amount..