Mumbai: Air India wants the state’s revenue department to exempt it from paying fees on lease transfer rights. The 23-storeyed Air India building at Nariman Point is poised for sale, with the Jawaharlal Nehru Port Trust (JNPT) evincing interest in buying the property.
A senior bureaucrat from the revenue department, speaking to The Free Press Journal, said AI officials from Delhi, who had come for a meeting in Mumbai last week, had asked if they could be exempted from paying fees to the Maharashtra state government. “Exemption cannot be given, as it will be a loss for the state. The land value of the building is Rs 200 crore at present, and the sprawling property, spread over 220,00 square feet, is worth Rs 2,000 crore as per the current market value of that area. This translates to considerable revenue once the property is sold through lease transfer rights,” he added.
He further remarked, officials from the Mumbai city collectorate have written to the Mumbai Metropolitan Region Development Authority (MMRDA) for details on how much floor space index (FSI) has been given to Air India.
06/09/18 Sweety Adimulam/Free Press Journal
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A senior bureaucrat from the revenue department, speaking to The Free Press Journal, said AI officials from Delhi, who had come for a meeting in Mumbai last week, had asked if they could be exempted from paying fees to the Maharashtra state government. “Exemption cannot be given, as it will be a loss for the state. The land value of the building is Rs 200 crore at present, and the sprawling property, spread over 220,00 square feet, is worth Rs 2,000 crore as per the current market value of that area. This translates to considerable revenue once the property is sold through lease transfer rights,” he added.
He further remarked, officials from the Mumbai city collectorate have written to the Mumbai Metropolitan Region Development Authority (MMRDA) for details on how much floor space index (FSI) has been given to Air India.
06/09/18 Sweety Adimulam/Free Press Journal
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