Builders can now pay the premiums they owe for the redevelopment of old Maharashtra Housing and Area Development Authority colonies in four instalments. This follows a funds crunch in the real estate sector, and many builders had requested the move. MHADA passed the proposal on November 10.
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Builders can now pay the premiums they owe for the redevelopment of old Maharashtra Housing and Area Development Authority colonies in four instalments. This follows a funds crunch in the real estate sector, and many builders had requested the move. MHADA passed the proposal on November 10.
There are 56 MHADA colonies in Mumbai. MHADA was to ask for flats in redevelopment schemes, but this year, it changed its policies and asked for premiums on redevelopment instead. But after a slowdown in the real estate industry, the Maharashtra Chamber of Housing Industry had asked for the payment of premiums to be done in instalments.
On November 10, MHADA passed a proposal approving the demand for payment in instalments. MHADA chief Milind Mhaiskar confirmed this and said: “The MCHI had made a request to pay premiums in instalments. We are expecting huge revenue from premiums on redevelopment of MHADA buildings. Hence we passed a resolution allowing payment in four instalments.”
Source: Times of India
G Hari Babu, National President of NAREDCO speaks on the need of skill development at the workshop organized under the aegis of the Ministry of Housing & Urban Affairs, and Delhi RERA.