One department that overperformed this year in BMC is the Development Plan, the target was ₹2000 crore which was revised to ₹14750 crore. BMC has already received ₹13543 crore till January 2022.
By Varun Singh
In the year 2021-22, revenue from BMC Development Plan Department was estimated to ₹2000 crore which is revised to ₹14750 crore. Thus, there is a sizeable increase of ₹12750 crore.
As per Government of Maharashtra’s directives issued on January 14,.2021, the concession was given up to 50% in premium payable to Government and similarly this was also made applicable for the premium payable to BMC as per corporation resolution.
This has generated sizeable revenue income. This revenue will be mainly utilized for infrastructural development of city which will improve the quality life of citizens in Mumbai.
Boost to Real Estate Sector
The Government of Maharashtra was considerate to the ailing real estate sector as it affects the housing stock supply in the city.
The sector was under stress due to severe financial constraints and Covid only added to the woes. Considering various problems afflicting the sector the Government has introduced various concessions and incentives to the real estate sector.
These measures were adopted by BMC which gave a fillip to the sector and many projects which were in cold storage or about to be abandoned got a fresh lease of life.
The income to the BMC also increased from original forecast of ₹2000 crore to a revised estimate of ₹14750 crore. BMC has already received ₹13543 crore till January 2022 which is proof that the policy for helping the real estate sector has percolated down in the sector that would result in actual execution of real estate projects thus increasing the supply of housing stock as well as employment in the sector.
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