December 6, 2023: Maharashtra housing and area development authority (Mhada) has reduces the penalty interest on development premiums for redevelopment of the Mhada projects to 12% annually from the existing 18%, mention media reports. The order was issued by Sanjeev Jaiswal, vice president and CEO, Mhada. This penalty interest that has to be paid by developers on delayed payment of installments against the different premiums for building permission for Mhada’s redevelopment projects.
This decision is a result of the concern voiced by Maharashtra deputy chief minister Devendra Fadnavis over the steep penalty rate of 18% imposed by Mhada on developers and a need to reduce it at the National Real Estate Development Council’s (Naredco) recent property exhibition. He suggested that it should be at par with the penalty rate charged by the Municipal Corporation of Greater Mumbai (MCGM).
This led to the drafting of a proposal to reduce the interest on delayed payments of installments against various premiums to 12% from 18% for the redevelopment projects.
For the redevelopment of the Mhada buildings, a developer has to secure permissions from there independent departments- layout approval section, the building permissions department for the Greater Mumbai area and the urban housing scheme under PMAY.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: anuradha.ramamirtham@housing.com
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