The government of Maharashtra is looking to address the issue of high premiums levied by the authorities on real estate development projects in Mumbai, the country’s commercial capital. The state’s Housing Minister Atul Save is planning to soon convene a meeting with key stakeholders from the state’s Finance Ministry, Urban Development (UD), and Revenue Departments to review these charges.
Realty developers have been urging the state government to consider a 50% reduction in these premiums to make the city more affordable for homebuyers and businesses.
Representatives of realtors’ body CREDAI-MCHI had recently met the state’s Revenue Minister Radhakrishna Vikhe Patil to highlight the issues leading to Mumbai’s waning allure as the country’s financial capital, primarily due to its exorbitant real estate prices.
Source: The Economic Times
