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Brihanmumbai civic body will monetise its properties: Municipal commissioner
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Brihanmumbai civic body will monetise its properties: Municipal commissioner
Publish on : 2024-02-12 11:41:00
The corporation will appoint a “world-renowned real estate consultant” to prepare a master plan for its leasehold and tenanted properties spread across the city. MUMBAI: The BMC will carry out cluster redevelopment and monetize its properties, said municipal chief Iqbal Chahal. The corporation will appoint a “world-renowned real estate consultant” to prepare a master plan for its leasehold and tenanted properties spread across the city. “The BMC is looking to generate Rs 10,000 crore annually from its leasehold/tenanted properties,” said Chahal. He said the corporation is considering inviting bids for the development of municipal tenanted properties where cluster of buildings/plots within the same ward can be redeveloped. “The entire rehab can be proposed on a single or on multiple plots within a cluster and one of the plots which may get vacated will be monetized by auctioning it,” he said. In 2023-24 the civic estate department generated a revenue of Rs 34 crore from renewal of lease and another Rs 134 crore from one-time premium for redevelopment of leasehold plots.

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