Maharashtra Govt Offers Cut in Lease Rent for Residential Properties


The Devendra Fadnavis-led State Government decides to bring down the annual lease rent amount for the residential properties. This dip will benefit the individual plot owners, housing societies, social, religious, and cultural organizations and orphanages.


The decreased rent lease is also applicable for innards alias Dharamshalas too.


The individual plot owners with a plot size of less than 5,000 sq. ft. and the housing societies are required to pay merely 1 percent of 25 percent of the plot’s ready reckoner rate [RR rate]. Whereas, the plot’s ready reckoner rates for the social, religious, cultural organizations, orphanages and Dharamshalas will count 0.5 percent of 25 percent.


There is a total of 1663 leased plots out of which the lease for 826 plots expired. In the span of four years between 2011 and 2015, only 11 rent leases have been renewed. The decision to bring down the lease rent amount has decreased the annual rent amount particularly for the housing societies by 50 percent.


A revenue official confirmed that decision of decrease in rental amount is not applicable to the corporations and commercial organizations.