MHADA Reduces Interest On Delayed Payments Of Development Charges To 12%

Mumbai: Maharashtra Housing and Area Development Authority (MHADA) has decided to reduce the penal interest on delayed payments of installments against various premiums to be paid in respect of Building Permission in the redevelopment projects of MHADA from the existing 18% to 12% annually. This information was announced today by Mr. Sanjeev Jaiswal, Vice President and CEO of MHADA .

Maharashtra Deputy Chief Minister Devendra Fadanvis echoed concern over the development premiums on housing projects that MHADA levies on. When there is a delay in paying these charges, the penal interest rate of 18% is imposed on the developers is higher and there is a need to reduced it , as expressed by Mr Fadnavis during his visit to the National Real Estate Development Council’s recent property exhibition.

https://www.freepressjournal.in/mumbai/maharashtra-mhada-reduces-interest-on-delayed-payments-of-development-charges-to-12

Source: The Free Press Journal

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