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Mumbai, Nov 27 – Terming current level of interest charged by MHADA from developers as ‘really higher’, Maharashtra Deputy Chief Minister Devendra Fadnavis expressed the need to lower it to make it at par with that of BMC.

Speaking on second day of NAREDCO Maharashtra’s HOMETHON Property Expo 2023 on Saturday, he stated that the Maharashtra government would soon review the matter and ask MHADA (Maharashtra Housing & Area Development Authority) to submit a proposal so that the current rate of 18 per cent of compounded interest would be brought down to the rate charged by the BMC (Brihanmumbai Municipal Corporation).

Responding to demand posed by Sandeep Runwal, president of apex real estate body NAREDCO Maharashtra, on behalf of the state’s real estate industry about MHADA charging a higher interest of 18 per cent from developers, he further said that the government has been discussing about many demands of the real estate industry.

“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,”_added the DyCM.