CIDCO Reduce Interest Rates on Delayed Payment Charges

In a major boost to the real estate sector in Navi Mumbai and the overall economy in the region, leading industry body CREDAI MCHI projects a 30% increase in Construction undertaken by MSME developers in Navi Mumbai due to reduced interest rates announced by CIDCO rec

BY Realty Plus
Published - Saturday, 29 May, 2021

CIDCO Reduce Interest Rates on Delayed Payment Charges

In a major boost to the real estate sector in Navi Mumbai and the overall economy in the region, leading industry body CREDAI MCHI projects a 30% increase in Construction undertaken by MSME developers in Navi Mumbai due to reduced interest rates announced by CIDCO recently. In a move that is being widely appreciated and touted as a game changer for small and medium sized developers, CREDAI MCHI believes that it will increase the viability of projects and generate more participation and revenue for property tenders floated by the authorities. With the post covid era bringing about its own set of challenges for developers and homebuyers alike, the real estate industry yearned for adequate financial support and flexibility from local and state authorities to ensure business sustainability and ensure a more conducive environment for all industry stakeholders. CIDCO’s holistically driven decision is also expected to bring about stability in housing prices for homebuyers. Raajesh Prajapati, CMD, Prajapati Group and Founder President of CREDAI MCHI Raigad Unit stated “CIDCO’s decision to offer 50% reduction in the interest rates on delay in plot / property payments in response to longstanding demand by Navi Mumbai and Raigad based real estate bodies is a shot in the arm for Real Estate market in Navi Mumbai in these gloomy times. This move, which is in line with MahaRERA guidelines, will also enhance the ease of doing business and pave the way for greater economic prosperity in the region. With the new UDCPR kicking in coupled with reduction of interest rates on DPC we will surely witness a rise in real estate activity in CIDCO areas opening up many avenues for homebuyers to realise their wish to own a home.”