Mumbai, the commercial hub of the country, has significant premiums on real estate development projects that the government of Maharashtra is trying to alleviate. In order to examine these charges, the state’s Housing Minister, Atul Save, intends to call a meeting shortly with important participants from the departments of revenue, urban development (UD), and finance.
Real estate developers have been pushing the state government to take into account lowering these premiums by 50% in order to lower the cost of living in the city for both individuals and companies. Recently, state Revenue Minister Radhakrishna Vikhe Patil was briefed by representatives of the realtors’ association CREDAI-MCHI on the problems that have contributed to Mumbai’s declining appeal as the nation’s financial hub, chiefly its skyrocketing real estate costs.
Source – The Economic Times
