MHADA: In 4 installments builders can pay premiums

587671-mhada-030117By Accommodation Times Bureau


Maharashtra Housing and Area Development Authority (MHADAhas passed the proposal on November 10 stating that now in four installments builders can pay the premiums they owe for the redevelopment of old Maharashtra Housing and Area Development Authority colonies.

After a slow down in the real estate industry, the Maharashtra Chamber of Housing Industry had asked for the payment of premiums to be done in installments. Previously for 56 MHADA colonies in Mumbai, MHADA was to ask for flats in redevelopment schemes, but this year, it changed its policies and asked for premiums on redevelopment instead.

“The MCHI had made a request to pay premiums in installments. We are expecting a huge revenue from premiums on a redevelopment of MHADA buildings. Hence we passed a resolution allowing payment in four installments,” According to MHADA chief Milind Mhaiskar.

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