On Tuesday, Chief Minister Devendra Fadnavis announced an interest waiver of 8.5% on premium redevelopment projects in Mumbai. The decision will implement on all project proposals that come latest by March 2026, he said.
Maharashtra Government sanctioned premium payments in instalments. BMC (Brihanmumbai Municipal Corporation) charges an interest of 8.5% for the same. CM Fadnavis made the announcement while addressing the inauguration ceremony of a residential building developed under the redevelopment program.
“The premium is to be said first while the construction begins only 2-3 years later. I was informed that residents have to bear the burden of bank interest as well as the premium interest. To ease the burden, the premium will be waived for three only for self-development projects. This is to ensure the scheme is not misused, and the building is expected to be ready in five years,” he said.
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By far, Maharashtra Government received 1,500 project proposals for redevelopment. On the other hand, MHADA received only 45 proposals out of which 42 were sanctioned.
“I am not happy with the pace of approvals. The scheme is shutting down shops of brokers. I am warning that no one should obstruct self-redevelopment projects else they will lose their jobs,” he said.
He further said that the redevelopment scheme would be introduced under the ambit of Rights of Services Act. It will diminish any human interference.
Google Renews its Office Space Lease in Bandra Kurla Complex
Recently, Google India and Google Cloud India renewed their office space lease. These properties are in Bandra Kurla Complex and spread in 1.99 acres. They are a part of First international Financial Center (FIFC), BKC.
Google India renewed its office space lease for an overall chargeable area of 1.10 lakh sq ft (10,310 sq ft) in two floors.
According to a leading property news portal, the rent agreement values at Rs. 320 per month. The lease agreement includes a monthly rental of Rs. 3.55 crore. The said values are in reference from the Inspector General of Registration (IGR).
