MHADA charging 18% interest a matter of concern, Government to call for a proposal to bring it at par with the BMC: Fadnavis

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by Samiksha Chogule

Mumbai, November, 2023:  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. Speaking on the second day of NAREDCO Maharashtra’s HOMETHON Property Expo 2023, Fadnavis responded to the demand posed by Mr Sandeep Runwal, President of apex real estate body NAREDCO Maharashtra on behalf of the State's real estate industry about MHADA charging a higher interest of 18% from the developers. 

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 the organizations." 

About the industry's demand of 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 the 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. 

Meanwhile, Fadnavis visited India's largest property Expo 'HOMETHON 2023' organized by NAREDCO Maharashtra at Jio Convention Centre, BKC in Mumbai on its second day. He congratulated NAREDCO Maharashtra for organizing 'HOMETHON 2023' and stated that the biggest Expo offered a great platform to the home buyers. "After Maharashtra started MahaRERA, the entire real estate industry has been transformed and the faith of small buyers in the industry has increased a lot. The developers following the MahaRERA rules have created a genuine market for the buyers and created a level-playing field. Many players from the corporate and non-corporate world are entering in the sector with ethical values," said the DCM.

Sighting the demand of the real estate industry, Mr. Sandeep Runwal, President, NAREDCO Maharashtra pressed on the needs for reducing the premiums and also the higher interest from MHADA. He further stated, “The real estate industry has seen a good revival in the past two-three years. We need a similar support from the Government.”

Lauding HOMETHON 2023, Fadnavis said, "This Exhibition is one place where one can find the best of properties from Mumbai and the rest of Maharashtra. The financial institutions are also supporting. Today, the homebuyers are looking for value for money and credible projects are being presented at this Exhibition." 

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