By Abhay Shah, Realty Quarter The concessions in development cess and premiums announced by the state government can not be used on real estate projects which are ongoing in the city. On Wednesday, the Department of Urban Development published its notice of the relief under section 154 of the Maharashtra Regional Town Planning Act dated August 20. Coming into effect instantly, they will be in force for two years. “Imagine my shock when my architect called me this morning’s from the building proposal office to tell me the concessions are not applicable to ongoing projects,” a developer from south Mumbai said. He said that he had given Rs 1 crore of the Rs 4.5 crore that he owed to BMC and that because of of the credit crunch he could not manage to pay the remaining amount. “Rs 1.1 crore would have been saved from the concessions. Today my architect went to pay the balance, but the agent of the BMC denied,” he said. A […]

The Urban Development Department announced cess relief for ongoing real estate projects in Mumbai.more