Maharashtra: 50% off on premium payment for MHADA redevelopment projects

Mumbai: The Maharashtra state government has extended a 50 per cent discount on premium payments even for the redevelopment projects on Maharashtra Housing and Area Development Authority (MHADA) layouts. A government resolution was issued by the state housing on February 25th informing about the latest developments. The previously issued GR, the 50 per cent discount on premium payments was only on private building projects.

In Mumbai, the MHADA board has 56 layouts of its ownership. Several old dilapidated buildings on these layouts have been proposed/are under redevelopment plan. With the implementation of this new decision, the said developers may get some benefit in premium payments.

Vinod Ghosalkar, Chairman of Mumbai Building Repairs and Redevelopment Board (MBRRB) an undertaking of MHADA said, "Uddhav Thackeray government has provided a major relief to builders/developers. The real estate sector is facing an acute cash problem. The sector was badly affected during lockdown. Also, banks are not giving loans therefore, with this decision builders have managed to get some monetary relief."

He asserted that the Centre had declared some package to the realty sector. However, the benefit could not be obtained by Maharashtra based builders. It has been a complete failure.

Appreciating Maharashtra government move, Anand Gupta , chairperson, Housing and Rera Committee of Builders Association of India (BAI) said, "The new GR has removed all ambiguity and all on going as well as new project on MHADA layout developed under development Control Regulation (DCR) 33(5) are eligible for this 50 per cent discount / reduction in premium surcharge levied. The said Benefit of discount is time bound up till December 31st 2021. It will boost the redevelopment project. The policy will help all developers and homebuyers by way of reduction in prices of houses."

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