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Maharashtra government will renew the lease rentals that were signed years ago to unlock the present market value of property in Mumbai, Chief Minister, Prithviraj Chavan said.
The lease agreements were signed years ago and occupants pay rents as low as Rs 100 for the entire year. “This is unacceptable especially when someone is sitting on property worth crores,” Chavan said.
There are around 1,500 such leased land parcels in south Mumbai and 500 in suburban Mumbai, he added.
He also said that land in Mumbai can be given for lease on 30 years tenure as against 99 years that used to be the norm earlier.
satyanarayan.iyer@thehindu.co.in
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