The four leading real estate associations — BDA, CREDAI-MCHI, NAREDCO and PEATA — jointly hosted the Inspector General of Registration (IGR) team at The Bay Club, Mumbai, for a detailed presentation on the proposed new Micro-level Annual Statement of Rates (ASR) system.
The proposed system aims to leverage technology and data to bring greater granularity and accuracy to property valuation by taking into consideration various location- and property-specific factors, including:
1. FSI potential based on road width
2. Proximity to infrastructure and key amenities
3. Age of existing buildings
4. Type of structure — including slums, chawls and regular buildings
5. Nature of development — including high-rise towers, standalone developments and gated communities
The valuation team was led by Shri Kishore Gokhale, Joint Director, Town Planning & Valuation. Shri Sangram Kanade, Deputy Director, Town Planning, Mumbai Region (Valuation), made a detailed presentation outlining the rationale for micro-zoning and the thought process behind the proposed system.
Representatives of all four associations shared their feedback and highlighted the importance of maintaining land ASR at sustainable levels in line with prevailing market realities, while ensuring that the proposed micro-zoning framework remains development-friendly and practical to implement.
BDA Representation
BDA was represented by President Shri Vikram Mehta (Promoter – Mesacon Group), Treasurer Shri Sudhir Lohiya, and Executive Committee Members Shri Nirav Mehta and Shri Deep Chheda.