BMC plans to renew plot leases and earn 600 cr

In a major boost for revenue, the civic general body on Wednesday cleared a vacant land tenancy (VLT) policy. The BMC expects to earn a one-time revenue of Rs 500-600 crore from 213 plots, measuring over 125 sq ft and, that will be given on lease at 62.5% of the ready reckoner rates. These include gymkhanas, cricket pitches, community centres and godowns located mostly in Dadar, Sion and Parel. There are a total 3,600 VLT plots in Mumbai that were given on lease prior to Independence. As the lease is in the range of Rs 100-30, the BMC earns a measly rent of Rs 3.5 lakh annually. Civic officials said education institutions, petrol pumps, religious organisations, banks and private companies have come up on most of these plots.