Mumbai: The lease renewal process done by the Mumbai city collector office is going on at a snails pace. According to the data with the Free Press Journal, only 75 lease hold properties have been renewed so far of total 691 leasehold properties that have expired. This renewal of lease has generated revenue of Rs 263.21 crore.
In the island city, there are around 1,300 leasehold plots mainly in areas like Backbay, Nariman Point, Churchgate, Marine Lines, Sion, Dadar and Wadala.
The data further states that 19 leasehold properties of these renewed ones have applied for conversation of the lands into Occupancy Class I, which led revenue of Rs 363.44 crore.
The lease rent or renewal fees had been linked to the Ready Reckoner rates and the amount depends on the nature of use of the plot. The government reportedly can revise the lease rent every 10 years based on the changes in the Ready Reckoner rates.
Meanwhile, for the ongoing year, the city collector office has so far collected Rs 133 crore out of the annual targeted amount of Rs 450 crore. Sadanand Jadhav, deputy collector Mumbai city said, "The recovery of target amount is usually more in the second half of the year. Therefore by year-end the targeted amount will be collected."
