Maharashtra FM hikes premium on additional FSI
PTI Maharashtra Chief Minister Devendra Fadnavis with State Finance Minister Sudhir Mungantiwar after the presentation of the State Budget in Mumbai on Wednesday
Real estate prices likely to rise due to Budget proposal; country liquor to cost more
MUMBAI, MARCH 18:
With an eye on the floor space index (FSI) requirements as an additional source of revenue, Maharashtra Finance Minister Sudhir Mungantiwar on Wednesday increased the premium on additional FSI in the State. This could lead to an increase in real estate prices.
“These gains in FSI tremendously benefit individuals but Government does not get the benefit of revenue increase in the same proportion. These amendments are proposed to ensure legitimate share of revenue for the Government from the overall benefits accruing to the beneficiaries of FSI without burdening the common man,” the Finance Minister said, presenting the State Budget.
Mungantiwar said the State Government has also decided to enhance the FSI limit from 0.33 to 0.60 and increase the rate of fresh premium in the Brihan Mumbai Municipal Corporation limit.
Mungantiwar said that State Government also wants to increase the rate of excise duty on country liquor, which will now be around 200 per cent of the manufacturing cost or ₹120 per proof litre.
Additional excise duty on the country liquor will fetch nearly ₹430 crore of additional revenue annually.
He said power consumption is growing substantially in the State, therefore saving electricity is need of the hour. LED bulb saves electricity to a great extent, “Hence, I propose to reduce tax on LED bulb from 12.5 per cent to five per cent,” he said.
Mungantiwar also announced that medicines for treatment of cancer and guide wire required for heart surgeries will now be made tax free.
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