Builders must pay three years’ rent for SRA projects

Chief Minister DevendraFadnavis said on Friday that builders will have to deposit rent for three years in advance for slum rehabilitation projects to avoid problems later. In response to a discussion on Mumbai in the state legislative assembly, Fadnavis said that when project costs are nearly Rs 50 crore, there is no harm in taking a small part of that amount as advance in an escrow account for paying rent. The CM said this proposal was suggested by the newly appointed housing minister RadhakrishnaVikhe-Patil and that he found it apt. The CM also asked Mumbai Metropolitan Region Development Authority (MMRDA) and Maharashtra Housing Area Development Authority and Slum Rehabilitation Authority to immediately implement the software developed by BMC for various permissions as it gives more transparency.