The Maharashtra state government has approved for redevelopment of Mumbai Press Club and waived off redevelopment premium. According to the officials, the land has been given by Maharashtra government to the Mumbai Press Club for a period of 30 years from 1994.
The state government revised the rules in 2017 and 2018 to permit the property's renovation and reconstruction. By charging a premium, this was subsequently permitted under specific terms and conditions by memorandum dated March 22, 2021. In response to a plea from the Mumbai Press Club, it was decided to waive the redevelopment surcharge.
The lease of the Mumbai Press Club expires on November 1, 2024 and the Collector has also been instructed to take a decision on the renewal of the lease while giving permission for the redevelopment of Mumbai Press Club building, the official said.