Deepak Parekh, non-executive chairman of HDFC
Deepak Parekh, non-executive chairman of HDFC
File Photo

The Maharashtra Cabinet on Wednesday discussed the Deepak Parekh committee report for the revival of the real estate industry hit hard by the coronavirus pandemic. The committee had recommended a 50 per cent cut in different premiums recovered by the BrihanMumbai Municipal Corporation (BMC) from the real estate industry for enhanced FSI, TDR, second staircase, additional issues like open space deficiencies and others.

The committee had also suggested to bring down the premium paid on transaction of urban land to 5 percent from earlier 15 percent for commercial and 10 percent for residential. The committee had also suggested the deferment of premium payments till the time of granting of occupation certificate to projects, the government has shot it down.

Senior minister told Free Press Journal, "The cabinet deliberated on the Parekh committee report but has not taken decision on its implementation. The report will be taken up again and later the cabinet will give its consent.” He informed that the urban development department headed by the Shiv Sena minister Eknath Shinde had moved the cabinet note.

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Free Press Journal