18 Defaulting Builders Get BMC Notices To Halt Work
The Brihanmumbai Municipal Corporation (BMC) has issued stop- work notices to 18 developers executing many housing projects on the civic body's land in the city for failing to deposit the premium amount.
"These developers collectively owe Rs 357 crore to the BMC accumulated since May 2012, apart from the 18-per-cent penalty for late payment," the BMC said in a statement.
With an objective to stop the misuse of free floor space index (FSI) and to mobilise the much-needed revenue for infrastructure development of the city, the Maharashtra government had in 2012 amended the Development Control Rule (DCR), and allowed developers to pay premium to the civic bodies in lieu of availing of the fungible FSI.
"As the builders have failed to pay the premium for their redevelopment projects, stop-work notice has been issued to 18 projects, and the owners have been asked to clarify," said the statement.
With inputs from Housing News