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Mumbai: BKC plot development norms might not be revised

n 22 October, in a meeting in Bandra Kurla Complex (BKC) Chief Minister of Maharashtra Prithviraj Chavan had considered revising norms whereby builders will not be asked to pay a penalty of 10 percent of the auctioned amount per year for three years in case they do not complete their project within four years. However, post allegations that this move would have favoured some companies like Reliance India Limited, the CM has put a stay on it.
The new norms would have been advantageous for plot holders who held plots for less than four years. Plot holders who held plots for over four years but less than six years would have been penalized to part with 10 percent of auctioned amount for delay in construction. Under the new policy, upon a fresh plot purchase, a period of six years would have been the time frame to finish construction.
Should the reservation regarding approval of the new policy be removed, Reliance India Limited would benefit because it would get a grace period of two years to complete the construction of a multi-level underground parking on a 37,252 sq m ground in G block of the BKC.


Barring this particular case, the new policy would benefit developers and is reasonable considering the Floor Space Index (FSI) in BKC has increased. This has led to an increase in the size and hence the time of construction. To add to this, builders also have to face hindrances as environmental as well as high rise clearances are likely to delay.

G Block, Bandra Kurla Complex, Mumbai
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