Maharashtra Cabinet Approves Lower Premiums for Redevelopment of Mumbai Housing Societies
The Maharashtra Cabinet has announced a significant decision that will benefit residents of Mumbai. In a move aimed at boosting society development and infrastructure, the cabinet has slashed premiums for redevelopment projects in older housing societies.
Previously, societies seeking to convert their land ownership from Class II (leasehold) to Class I (freehold) faced a 15 per cent premium based on the ready reckoner rate. This premium has now been reduced to 10 per cent. For societies undertaking self-redevelopment on the collector or government-owned leased lands, the premium has been further reduced to just 5 per cent of the ready reckoner rate.
https://timesproperty.com/news/post/maharashtra-cabinet-approves-lower-premiums-for-redevelopment-of-mumbai-housing-societies-blid7001
Source: Times Property
