Budget 2023Budget 2023


  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Live Now : Nifty Banker 3.0 | India's First Retail Index Traders Online Conference.
Budget 2023
Budget 2023

Mumbai builders seek series of waivers to redevelop projects

Developers owe more than Rs 800 crore towards development charges to planning authorities in Mumbai; they have also sought waiver of penalty and interest on such charges.

Representational image.

Representational image.

Developers in Mumbai have sought some leeway in payment of development charges for the redevelopment of old buildings on Maharashtra Housing and Area Development Authority (MHADA) land after the Bombay High Court ruled that they were not exempt from paying such charges.

The Confederation of Real Estate Developers' Associations of India (CREDAI)- Maharashtra Chamber of Housing Industry (MCHI), the apex body of developers, has requested MHADA to not levy development charges until the stage of granting occupation certificate.

In a letter to MHADA, it has also asked authorities to not levy penalty and interest as the payment of development charges was discontinued owing to stay orders from the Bombay HC.

The issue