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, 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.” 

Also Read: Devendra Fadnavis Puts Dharavi Redevelopment back on track

The post MHADA charging 18% interest a matter of concern, Government to call for a proposal to bring it at par with the BMC: Fadnavis appeared first on Square Feat India.

With the Eknath Shinde-Devendra Fadnavis government at the helm of the state affairs Dharavi Redevelopment is back on track.

The deputy chief minister Devendra Fadnavis already held a meeting on Tuesday in this regards at the Mantralaya. He met the Mumbai Metropolitan Commissioner SVR Srinivas who also is the chief officer of Dharavi Redevelopment. The Commissioner confirmed about the same meeting and said the meeting was in regards to the Dharavi Redevelopment Project (DRP).

According to sources the government especially Devendra Fadnavis is serious about putting Dharavi redevelopment on a fast track.

Fadnavis post the meeting, tweeted, “Reviewed Dharavi Redevelopment project in Mantralaya, Mumbai this afternoon and will follow up with Government of India to get railway land required for this project.”

Sources claim that once the issue of railway land is resolved, DRP will commence work on floating of tender.

Dharavi Redevelopment has been in process for a pretty long time. For more than a decade, the residents of World’s one of the biggest slums have been awaiting that their future shall change.

While not much has happened on ground, the government has already spent crores on the process of Dharavi Redevelopment.

Uddhav Thackeray led MVA government’s cabinet in 2020 decided to cancel the tender for Dharavi Redevelopment that was floated by Devendra Fadnavis led government in 2018. Post which the MVA had even claimed that it shall float fresh tenders, but nothing much moved in that direction.

The tender floated by Devendra Fadnavis government in 2019 was the third time, the tenders were floated for Dharavi Redevelopment. The first two times the tender was floated when Congress-NCP were in power.

In August 2020, the Committee of Secretaries (CoS) met to take a call on the Dharavi Redevelopment tender. The committee suggested to cancel the tender, and they proposed the same to the state government which finally took a call on it.

The CoS had relied its suggestion on the advice by the Advocate General (AG), who advised for fresh tenders. After floating the tender and receiving bids, the state government acquired 46 acres of land for Rs 800 crore from the Railway. Post acquiring this land and making it a part of the Redevelopment Project, the advice from the AG was sought, who advised for fresh tenders.
Global tenders were floated in November 2018, for Dharavi Redeveloper Project.

Dharavi is spread over 240 hectare of land and is centrally located. It is close to Bandra Kurla Complex, the financial hub of Mumbai.

In January 2019, Dharavi Redevelopment Project (DRP) had received two tenders of which Seclink group was the frontrunner for the redevelopment of Dharavi which, according to reports had quoted Rs 7,200 crore. The total project cost was estimated to be above Rs 27,000 crore.

Also Read: Dharavi Redevelopment Hasn’t Moved Much, But These Many Crore Already Spent

The post Devendra Fadnavis Puts Dharavi Redevelopment back on track appeared first on Square Feat India.