DO YOU KNOW WHO TAKES MAXIMUM SHARE...? if a Mumbaikar Books a flat of ₹ 1 crore value in Suburban

• Builder who develops it..?

• Society who owns land..?

• BMC / Government who levies taxes & premiums..?

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₹ 50 To ₹ 55 LACS IS THE SHARE OF BMC / GOVERNMENT...!!

Yes, you will not believe it, but this is the fact. Whether the project is feasible or not for Society/ developer, but BMC & Government will surely benefit from it.

How does BMC/ Government generate ₹ 50 to 55 lacs out of ₹ 1 crore..?

• ₹. 25 to 30 lacs - By way of BMC charging various premiums & Fees

• ₹. 2 lacs - By way of Stamp Duty charged by Central Govt on Development Agreement/ PAAA.

• ₹. 6 lacs - By way of Stamp Duty paid by purchaser to State Govt @ 6% & ₹.30000/- as Registration Charges

• ₹. 5 lacs - By way of GST on purchase of flat. (50% each to Central & State Govt.)

• ₹. 10 lacs - By way of 18% GST charged on construction materials, Contractors & Professionals. (50% each to Central & State Govt.)

• ₹. 2 lacs - By way of various miscellaneous taxes paid during Construction activity such as LUC Tax, etc. to MCGM

₹.50-55 lacs - Total revenue generated by MCGM/ Central Govt & State Govt.

Note:

In above case, if a Mumbaikar has booked a flat by taking loan on his/her current income, then firstly his approximate annual income should be ₹15-18 lacs annually for his eligibility to avail loan of ₹80-90 lacs on ₹1 crore flat.

Secondly for a person to have Annual income of ₹ 15-18 lacs, approximately ₹ 1.50 lacs (10%) shall be his/her income tax with all slabs & tax benefits. If we take 10% of total income as tax also, then to buy a ₹ 1 crore flat, Mumbaikar pays ₹ 10 lacs as income tax over and above ₹50-55 lacs explained as Above. So ₹ 10 lacs more revenue for Central Govt.

Thus from above ₹. 45- ₹. 50 lacs is only the basic cost of a flat which covers all the costs for redevelopment in Suburb Mumbai.

Suggestive Solution:

If MCGM / Govt charges 30% instead of 110% on basic costs, then a common Mumbaikar who wants to buy a flat in Mumbai can book in ₹ 60-65 lacs which can be an affordable house in Metro City as per definition of Govt.

Appeal:

IF GOVT REALLY WANTS TO ACHIEVE ITS AGENDA OF PROVIDING HOME FOR ALL BY 2022, THEN MCGM / GOVT HAS TO TAKE DRASTIC STEPS AS ABOVE AT THE EARLIEST.