Monday, 25 July 2011

Mumbai housing prices may rise up to 30%! - Business

BS Reporter in Mumbai

Mumbai municipal commissioner Subodh Kumar's proposal to charge additional premium on construction of certain sections in a building, could push up property prices in the city by 20 to 30 per cent, say property developers.

Consultants, however, raise doubts about the practicality of such price rise.

Kumar has put forth a proposal before the state government that the Brihanmumbai Municipal Corporation charge a premium of 100 per cent of the ready reckoner rates on construction of lobbies, terraces and balconies compared to the 25 per cent charged earlier.

Ready reckoner rates are the rate at which the government calculates the market value of the property. Though these specified areas are free from calculation of floor space index (FSI) -- permissible construction allowed on a given plot of land -- according to BMC, developers sell terraces, balconies and decks to buyers at market rates.

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