In Mumbai, premium for public parking lots raised to 60%

From ET Realty

MUMBAI: The premium for public parking lots (PPLs) developed by private developers has been increased from 40% to 60% based on the ready reckoner rate of the locality.

The PPL policy allowing pay-and-park on private properties was approved in 2008. Builders are given incentives in terms of additional construction rights if they carve out a section of their plot to build a public parking lot free of cost for the BMC.

In case of those proposals for which the Intimation of Disapproval has not been issued, the new premium will apply. The notification states that for all PPLs for which letter of intent has been issued, builders will pay premium at the rate of 50% of what they would have been required to pay as per the amended provision.

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