Boost to realty as Maharashtra govt slashes premium for construction by 50%

Reduction approved under new DCPR rule 2034 across the board for on-going and new projects up to Dec 31, 2021

The Maharashtra government on Wednesday slashed premiums and levies charged on construction by 50 per cent till December 31, a move that is expected to give a boost to the real estate sector in the state.

The cut, under the Development Control and Promotion Regulation 2034, will apply to both ongoing and new projects. Municipalities charge this premium on floor space index (FSI).

“This move will go a long way in expediting project completion and the market will witness new launches. The industry applauds this booster dose making many projects viable and we shall adhere to the rules laid down in lieu