According to BMC chief Iqbal Chahal, the real estate sector is currently on a 'fast track'

Despite two years of the COVID-19 epidemic, Brihanmumbai Municipal Corporation (BMC) Commissioner Iqbal Chahal has declared that the real estate market in Mumbai is currently on the 'fast track,' and that an increase in employment in the sector is likely for at least the next three years.

 

"BMC has a windfall of nearly Rs 14,000 crores additional income in the last 11 months (due to increased volumes wherein 2860 new construction projects were approved—the majority of which were non-viable with full premiums), resulting in an unprecedented jump in BMC reserves from Rs 78,000 crores to nearly Rs 93,000 crore now," Chahal said.

 

"A true win-win situation," Chahal noted, "where the real estate sector (the backbone of Mumbai) is on the rise presently (despite the recent covid epidemic), resulting in a massive increase in employment in this area for at least the next three years." The real estate sector, which saw record sales during the epidemic, has contributed significantly to the Brihanmumbai Municipal Corporation's coffers. According to the BMC, this industry generated Rs 13,543 crore in revenue until January 2022.

 

The BMC's revenue grew from Rs 2,000 crore to Rs 14,750 crore, compared to the original forecast of Rs 2,000 crore. This bonanza was made possible by the city body's provision of a 50% discount on premium payments to developers. The BMC would have earned nothing if this concession had not been offered, according to Chahal.

 

 

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