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Maharashtra Government Waives off Development Cess

Infra News - Published on Thu, 22 Aug 2019

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Money Control reported that the Maharashtra government has offered to reduce premiums and waive off development cess for two years as it looks to boost the beleaguered real estate sector. Chief Minister Mr Devendra Fadnavis has approved the proposal to waive off development cess that builders pay for additional construction rights and reduce premium on fungible floor space index by 10 percent.

Sources told the daily that this will reduce residential real estate project cost by 20 percent and commercial costs by 30 percent.

Engineer Mr Yomesh Rao, while speaking to the daily, said that these concessions may not translate into benefits for homebuyers as flats are already placed at a 10-30 percent discount. But industry experts pointed to the benefits from the proposed reduction in fungible FSI premium. If it is brought down by 15 percent as proposed from 50 percent to 35 percent--charges will majorly reduce on the amount that government estimates for various locations.

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Posted By : Mohan Sharma on Thu, 22 Aug 2019
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