The Brihanmumbai Municipal Corporation (BMC) has rejected its plan to issue credit notes instead of cash to the contractors for the construction of 12,000 dwellings of Rs 9,000 crore for Project Affected Persons (PAPs).
BMC will build just 4,000 homes in Chandivali through cash for about Rs 2,500 crore.
The 4,000 PAP units built through credit notes and development rights transfer (TDR) have been submitted to the municipal corporation committee for approval. The developers can use the credit notes to pay city taxes and premiums to BMC or can also sell the credit notes to other developers.
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