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Mumbai's leased land to attract annual rent based on ready reckoner

The Economic Times
Mumbai's leased land to attract annual rent based on ready reckoner - Mumbai - land property


MUMBAI: The land properties in Mumbai city and suburbs given on long lease by the government will now be charged a new lease rent based on ready reckoner rates as and when they come for renewal. The Maharashtra cabinet gave its approval to this hike in rent rate on Tuesday. As a result of this decision the lease rents in Mumbai will go up in some cases by about 18,000 times.



Speaking after the weekly cabinet meet Maharashtra Chief Minister Prithviraj Chavan said that the cabinet approved the proposal to connect lease rent rates toreal estate ready reckoner prepared by the government to determine property rates in various areas. Mr.Chavan said "Most of the land plots given on long lease right from the British era have been charged very small amount as annual lease rent. Some plots of land have been given on 50 year lease while others have been given on 99 or 999 year lease. Those whose lease period is over will now have to pay rent according to the ready reckoner value". 

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