BMC clears policy for market revamp
Twenty-five dilapidated markets in the city will soon be redeveloped as the civic improvement committee finally cleared the markets redevelopment policy on Monday. As the policy was kept in abeyance for the last three years for various reasons, the redevelopment of these markets was stalled, causing inconvenience to people.
According to civic officials, as the policy is approved, 14 markets in the island city and 11 in the suburbs will be taken for redevelopment soon. The BMC aims to earn `300 crore as premium and an additional 10 lakh sq ft area through the redevelopment of these markets.
Under the amended policy, the BMC will levy a less premium on the sale component of the project. Another major feature of this policy is that the markets or estate department will not charge any premium for the fungible Floor Space Index (FSI).
The premium on the sale component of the project will be calculated on the basis of the nature of construction, if residential then 100 per cent ready reckoner rates will be levied, if commercial then 200 per cent and if industrial then 125 per cent of the ready reckoner rates will be levied as premium. In the earlier policy this premium was taken as per the commercial ready reckoner rates, which are higher.
“These markets are in a dilapidated condition and needed urgent redevelopment. The policy is market -friendly and will ensure that developers come ahead to take up these markets,” said Ram Barot, chairman of the improvements committee.
However, corporators of the MNS walked out of the meeting alleging that this policy was being passed to favour a few builders and it will result in the civic body losing a lot of revenue. Rather than giving the markets to private developers the BMC should develop them on its own under Development Control Rules, they said.
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