How Will The 1 Year 50 per cent Premium Waiver For Mumbai Cluster Development by Maharashtra Government Impact Mumbai Real Estate Market?

Mumbai Cluster Development Policy: 50% Premium Waiver for 1 Year

For its cluster development initiative in Mumbai, the Maharashtra government has given a one-year premium waiver for real estate developers at the rate of 50 percent. The action will likely facilitate the revitalization of older buildings in the city.

Chief Minister Eknath Shinde stated that this will encourage the redevelopment of old and dilapidated structures in Mumbai.

By establishing a cluster, a cluster development policy involves the redevelopment of multiple parcels or structures simultaneously.The Maharashtra government waived 50 percent of the premium payable by real estate developers for its cluster development policy in Mumbai for a period of one year, a move that is anticipated to aid in the redevelopment of the city's older structures.

Eknath Shinde, chief minister of Maharashtra, made the announcement to reporters following a cabinet meeting. under this initiative, the redevelopment of ancient and dilapidated structures in the city of Mumbai will be accelerated.