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Indian Real Estate News : Mumbai
Flat owners in Mumbai private forest land to pay more for regularization
Source: Jan 12, 2012
People who have bought flats built on private forest land in Mumbai have been asked to pay more money if they want their homes to be regularized. The balance amount is 50% above the earlier rate of Rs 6 per square foot. The increased amount is owing to the reclassification of the land on which these housing societies stand from barren to dense forest.

The state revenue and forest department has issued notices to housing societies informing them they had earlier been penalized incorrectly and they would now have to pay the balance amount.
The private forest land issue has affected over five lakh middle class residents in Mulund, Nahur, parts of Thane, Ghodbunder Road, Borivli to Goregaon and Mahul in Chembur.

About 18 months ago, residents and builders had paid between Rs 6 and Rs 120 per sq ft as net present value (NPV) for the properties on which these buildings stand. The rate will now go up to a minimum of Rs 9 per sq ft.
Tag: Real estate in mumbai, apartments in mumbai, mumbai flats
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