CIDCO waives charges on delayed payment of installments by homebuyers during lockdown

Cleanest cities | Number 3: Navi Mumbai, Maharashtra (Image: WikiMedia Commons)

Navi Mumbai town planning authority CIDCO on Thursday said it has waived delayed payment charges on the installment amount paid by homebuyers under its various housing schemes during the lockdown period.

The authority has also granted a moratorium to these homebuyers on the installments till June 30.

"On the backdrop of the countrywide lockdown, CIDCO has taken important decisions regarding waiving off the delay payment charges on the installment amount paid by the successful applicants under its various housing schemes," the City and Industrial Development Corporation of Maharashtra (CIDCO) said in a statement.

These applicants (homebuyers) belong to economically weaker sections and lower income groups and the waiver of delay payment charges has been granted for the period between April 22 and May 31, it said.

"The waiver will only be applicable to those who will make payment before June 30," it said.

The nationwide lockdown, which started from March 25, has been extended four times so far with lockdown 5.0 ending on June 30.

"Due to lockdown's negative impact on the economy and economic problems of applicants, applicants were facing the problems in making payments within the stipulated time. Hence, applicants appealed CIDCO to waive off the delay payment charges during the said period," it said.

The authority further said that the recovered delayed payment charges during this period will be adjusted in miscellaneous charges.

"Similarly, those who were not able to make payment due to the Yes Bank issue, where the payment portal was not operational for four days, the delay charges for them are also waived off," CIDCO added.