In a significant move, the Maharashtra Housing and Area Development Authority (MHADA) in Mumbai has decided to cancel the exorbitant fee of Rs 10 lakh for revalidating the No Objection Certificate (NOC). This decision aims to alleviate financial burden on developers and boost the real estate market in the city.The NOC plays a crucial role in the development of a property in Mumbai.
Developers are required to obtain this certificate from MHADA for construction purposes after fulfilling certain norms and guidelines. Previously, revalidating the NOC involved a steep fee of Rs 10 lakh, which significantly added to the cost of construction projects.By eliminating this hefty fee, MHADA hopes to provide relief to developers who were struggling with escalating construction costs.
https://www.constructionworld.in/latest-construction-news/real-estate-news/mumbais-mhada-scraps-10-lakh-fee-for-noc-revalidation/46292
Source: Construction World