India, March 5 -- The BMC has amended its Vacant Land Tenancy (VLT) policy, now allowing plots smaller than 125 square meters to be converted into leasehold properties for a period of 30 years. The updated policy is a significant shift from the last amendment of March 2020, which only allowed larger plots to be leased. It is expected to boost the BMC's revenue from these lands and create more development opportunities for lessees.

Currently, there are 3,472 VLT plots, large and small, in Mumbai, many located in high-demand areas like Dadar, Matunga and other parts of the island city and western suburbs. Of these, only 610 plots have the potential to be converted under the new VLT policy. Despite this limitation, the potential value of th...