Shri Devendra Fadnavis, Deputy Chief Minister of Maharashtra called the current level of interest charged by MHADA from the developers really higher and stated the need to lower it to make it at par with that of the BMC. Fadnavis stated that the Maharashtra Government would soon review the matter and ask MHADA to submit a proposal; so that the current rate of 18% of compounded interest would be brought down to the rate charged by the BMC.
Fadnavis said, "MHADA charging 18% compound interest is really high and it is absolutely not right to charge so much of interest. The interest rate should be at par with the banks. I will certainly intervene in this regard and on NAREDCO Maharashtra's representation, the Government will ask MHADA to put up a proposal; so that it could be brought at par with the BMC and we would have the same regulation in both organizations."
About the industry's demand of a reduction in premiums, Fadnavis assured that it was always under a genuine consideration of the Government, but it would be difficult to say when that would be taken. The deputy Chief minister assured that whatever was needed to be done for the betterment of the real estate industry and particularly those things, which would be passed on to the buyers, the Government would not hesitate in taking such decisions.
He further stated that the Government has been discussing about many demands of t he real estate industry. "We are a proactive Government. With the constant dialogue and conversations, the decisions happen. With this continuous process, we will be able to take the decisions, which are in the best interest of the industry and the people," added Fadnavis.
