Premium for public parking lots is now 60%

Q: The premium for public parking lots developed by private developers has been increased from 40% to 60% based on the ready reckoner rate of the locality.

Deepankar Godbole, Mumbai

11th February 2016

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Replies (2)

Hi everybody,
Yes, the notification states that for all PPLs for which letter of intent has been issued, builders will pay premium at the rate of 50% of what they would have been required to pay as per the amended provision.

Lokesh Patwa,

11th February 2016

Comment

Actually Public Parking Lot policy allowing pay-and-park on private properties was approved in 2008. Now, builders are given incentives in terms of additional construction rights if they give a section of their plot to build a public parking lot free of cost for the BMC.

pradyumanapte, Mumbai

11th February 2016

Comment

Hi Pradyuman,
Bur they have to remember that in case of those proposals for which the Intimation of Disapproval has not been issued, the new premium will apply for those only.

Rishi Dev,

11th February 2016