Around Rs 150 crore is outstanding from defaulting developers for which the BMC plans to give one last chance for repayment with 12.5 percent interest
The Brihanmumbai Municipal Corporation (BMC), the Mumbai civic body, has decided to extend the instalment payment scheme offered to developers for various premiums and fees to be paid by them against approvals during the construction stage of a real estate project for another three years. The BMC introduced a five- and six-instalment payment scheme in September 2019 for two years. However, considering that the outstanding is running into nearly Rs 150 crore, it has proposed to extend the facility given to developers until September 2025, according to a circular made public by the BMC on its website on October 12, 2022.
https://www.moneycontrol.com/news/business/real-estate/mumbai-civic-body-extends-installment-facility-for-premium-payment-by-developers-until-2025-9394151.html
Source: Money Control
