Builder who develops it..?
Society who owns land..?
BMC / Government who levies taxes & premiums..?
₹ 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.
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.
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.
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.