Dear Harsh,
Your pagdi building comes under Mah. Rent con. act 1999, and therefore you can not increase your standard rent and permissible rent at the prevalent market rent. If you do so, you would go to jail as per following section of MRC act
Maharashtra Rent Control Act, 1999
10. Rent in excess of standard rent illegal.
(1) Save as otherwise provided in section 6, it shall not be lawful to claim or receive on account of rent, for any premises any increases above the standard rent and the permitted increases, unless the landlord was, before the coming into operation of this Act, entitled to recover such increase by virtue of, or under, the provisions of any of the repealed Acts or is entitled to recover such increase under the provisions of this Act;
(2) Any contravention of provisions of sub-section (1) shall be an offence punishable, on conviction, with imprisonment not exceeding three months or fine not exceeding rupees five thousand or with both.