S. 194-I applies to the payment of "rent". The term "rent" is defined in the Explanation to s. 194-I as follows:
“rent” means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of (either separately or together) any,—
(a) land; or
(b) building (including factory building); or
(c) land appurtenant to a building (including factory building); or
(d) machinery; or
(e) plant; or
(f) equipment; or
(g) furniture; or
(h) fittings,
whether or not any or all of the above are owned by the payee.
So the question is whether the premium paid to MMRDA is "payment for use of land & building". In my opinion, it is so. Why else are you making the payment?