With the purpose to boost development of remaining plots in the E and G blocks, the Mumbai Metropolitan Region Development Authority (MMRDA) has offered a special promotional rate for additional built-up area (BUA) at the International Finance and Business Centre (IFBC) in Bandra Kurla Complex (BKC).
The subsidised rates by MMRDA will be available for one year starting from mid July this year and it aims to attract competitive bidding and support the redevelopment of existing plots. This move also stands to generate revenue for the authority, which is managing projects worth Rs 1,03,622 crore across 37 initiatives in the Mumbai Metropolitan Region (MMR). These include eight Metro line projects and 29 transport infrastructure upgrades.
The promotional rates were approved by the Urban Development Department (UDD) under Chief Minister Eknath Shinde, following a proposal from a high-power committee set up in 2022. Also, the new rates for additional Floor Space Index (FSI) will be based on the Annual Schedule of Rates (ASR), aligning with the current ready reckoner rates.
Source Construction World
