Fed up with builders who fail to give the BMC a share of every property deal, the civic administration has mooted a proposal to claim built-up area from developers.
If passed, this amendment to the Development Control Rules will ensure that the BMC gets built-up area equivalent to the amount due from a builder. Officials explain that if the BMCs share of a deal is Rs 100 crore, it can claim built-up area in the same project equivalent to that amount.
Under the existing guidelines, the BMC charges 10% of the capital value of a property based on the ready reckoner rates before the start of a project. The remaining 90% is to be paid in the next two years or on completion of a project, whichever comes first.
More : timesofindia.indiatimes.com
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