At the recent NAREDCO Maharashtra HOMETHON Property Expo 2023 in Mumbai, Deputy Chief Minister Shri Devendra Fadnavis addressed various real estate issues, including the high interest rate of 18% compounded annually charged by MHADA to developers. He acknowledged the industry's demand for reducing premiums and assured that the state government is working to address these concerns, emphasizing the government's commitment to improving conditions in the real estate sector. Fadnavis also praised the impact of MahaRERA in transforming the real estate industry and increasing buyers' faith by creating a genuine market with level-playing field conditions for developers following MahaRERA rules.
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At the recent NAREDCO Maharashtra’s HOMETHON Property Expo 2023 event in Mumbai City, Shri Devendra Fadnavis, Deputy Chief Minister of Maharashtra, discussed several real estate related issues including the interest rate of 18 percent compounded annually, charged by the MHADA to developers. He lamented that the rates were comparatively high, hinting that there is scope to make it more at par with that of the BMC. He went on to state that the Maharashtra Government would look into the matter soon. Sighting the demand of the real estate industry, Mr. Runwal, President, NAREDCO Maharashtra pressed on the needs for reducing the premiums and also the higher interest from MHADA. Regarding the industry's demand of reduction in premiums, Fadnavis assured developers that the state government was trying their best to address the matter and that they would do whatever was in their scope to improve the conditions of the real estate industry and foster business. Special focus would be given to all areas of concerns which directly or indirectly impact buyers. Meanwhile, Fadnavis said that 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. Lauding HOMETHON 2023, Fadnavis said that HOMETHON exhibition was a place where one could find the best of properties from Mumbai and the rest of Maharashtra. With the financial institutions in full support, and only credible projects present at this Expo, the homebuyers can look for value for money.
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