MMRDA seeks development fee hike
The Bandra-Kurla Complex (BKC) is no longer a cash cow for the city’s nodal infrastructure development body. The Mumbai Metropolitan Region Development Authority (MMRDA)has now asked the government to increase the development charges that builders pay the BMC and use the additional amount collected to fund the construction of the Metro network.
The MMRDA, which unlike urban local bodies, does not have a steady source of income, raises funds for its infrastructure projects from sale of land in BKC. The MMRDA is exploring various options to raise its revenue, such as a 1% additional stamp duty and development charge, a premium on FSI.
MMRDA expects to raise Rs 25,000 crore from development charges in the next 25 years.