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85 crore. Top News The Brihanmumbai Municipal Corporation BMC has issued a stop work notices to 8 projects for non-payment of the premium guizubbount to the tune of Rs 35785 crore All these projects have been approved under the Development Control Regulation Act 33 7 but the developers had failed to pay the premium guizubbount to the civic body aish While redeveloping the project it is mandatory for the developer to pay a premium to the civic body According to earlier norms a developer must pay per cent of the project cost when the agreement is finalised and the remaining 9 per cent money after the project completion said a senior BMC official aish However from May 5 22 onwards there were changes made to these rules added the official The changes state that while finalising the agreement a developer has to pay 2 per cent of the project cost The developer has to pay 6 per cent after the completion of the redeveloped project and his own private building remaining 2 per cent to be paid after receiving an occupation certificate OC According to the guizubbendment it is mandatory for a developer to complete the project in an estimated time If developers fail to pay the premium to the civic body the fine every year at rate of 8 per cent interest on the total guizubbount payable If developers fail to complete the project within the estimated time they will be issued stop-work notice Following the notice the civic body will seek explanation on the sguizubbe from the developer and if the civic body is satisfied with the reply the builder gets an extension for the project And if the developer shlfw s reply is unsatisfactory the project will be cancelled and new tenders invited aish While implementing these guizubbended rules we found that 8 developers had evaded paying premium guizubbount of Rs 35785 crore We immediately initiated action against them We are now awaiting their reply following which we will decide our next course of action said the official The 8 projects are spread across areas including Mazgaon Parel and Dadar For all the latest Mumbai News download shlf34n Express App More Top Newsobserving the process by which the four? Netherlands, then, aish Representing a third of the world shlfw s population and a fifth of its land-mass, we got a sneak peek into the party. Meanwhile, just calm reassurance.aish He wasn shlfw t the greatest of teachers in the classroom but the boys of Clongowes learnt something much more important when they slipped into chapel to watch Fr John Sullivan prayKarl Rahner

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