Latest news with #Rameshchandra
Time of India
4 days ago
- Business
- Time of India
No housing society on govt land opts for self-redevelopment in Mumbai
Mumbai: Not a single housing society in Mumbai on govt land has opted for self-redevelopment, information obtained under the Right to Information Act has revealed. There are 3,000 cooperative housing societies in Mumbai city and suburbs on land leased either by the govt or collector's land, called occupancy class II. Salil Rameshchandra, president of the Federation of Grantees of Govt Land (FGGL), who sought information on the conversion of land to freehold under the RTI Act, said last year the govt came up with a concessional scheme reducing the premium to be paid for conversion to freehold. Under the 5% concessional scheme, housing societies are required to pay only 5% of the Ready Reckoner (RR) rate for conversion if they opt for self-redevelopment and ensure it is undertaken within two years of the conversion. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai Further, 25% of the additional area is to be given to the Pradhan Mantri Awas Yojana . If residents fail to implement the scheme within two years, they are given another two years' extension, but thereafter the land goes back to its original status, and the housing society stands to forfeit the amount paid. "It is clear that this scheme is ill-conceived and is impractical; hence, it has remained only on paper," said Rameshchandra. A number of housing societies have come forward for the second concessional scheme of paying 10% of the RR Rate as a premium for land conversion to freehold. The RTI information shows that six housing societies opted for the conversion when the premium was 15% (prior to March 2024), and 62 societies have opted for it after the govt reduced the premium to 10%. Rameshchandra said the low response is owing to several reasons, such as residents of most housing societies on govt land are either middle-class or low-income senior citizens, and the amount is too large to pay. "The conversion to freehold also requires clearing of violations, especially membership transfer approvals. The red tape and corruption also create their own problems," he said. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
16-05-2025
- Business
- Time of India
Govt to charge lower land conversion rates for Sindhi refugees
Mumbai: In a major concession to Sindhi refugees, the state govt has decided to charge 2.5% of the Ready Reckoner (RR) Rate of the property in their possession to convert to freehold if it is residential and 5% if commercial. Further, 2.5% of the RR Rate will be required to be paid for residential properties for every violation and 5% for commercial in case of violations. The scheme for refugees will be available for one year. The Govt Resolution announcing the Special Amnesty Scheme - 2025, issued Thursday by the state revenue dept, has sparked outrage among residents on leasehold lands. "At present, the govt has offered to convert our Occupancy Class II lands, popularly known as collector's land, and leasehold lands to freehold. The rate of conversion is fixed at 10% of the RR Rate for cooperative housing societies, 15-25% for other residential plots, and 50% for commercial plots. This is unjust. The govt decision will provide major relief to refugee families facing land conversion and violation regularisation issues, but there cannot be such a huge discrimination between Indian citizens born here and refugees," said Salil Rameschandra, president, Federation of Grantees of Govt Lands. Rameshchandra said there are 22,000 cooperative housing societies across the state, many over 50 years old. "Residents are unable to pay even the 10% RR Rate for conversion of their land to freehold... Govt must rethink the conversion rate." — Clara Lewis
