HomeLatestMhada Launches Amnesty Scheme to Facilitate Occupancy Certificates for Redeveloped Buildings

Mhada Launches Amnesty Scheme to Facilitate Occupancy Certificates for Redeveloped Buildings

Mhada Launches Amnesty Scheme to Facilitate Occupancy Certificates for Redeveloped Buildings

Mumbai, the Maharashtra Housing and Area Development Authority (Mhada) has introduced an amnesty scheme to expedite the issuance of long-delayed occupancy certificates (OCs) for redeveloped buildings. This scheme is expected to benefit approximately 80 housing societies across the city, providing much-needed relief to property owners and residents.

The scheme, which is set to run until April 10, 2025, is a direct response to the challenges faced by many housing societies that were unable to pay the premium differential amount required for redevelopment. These unpaid amounts led to delays in the issuance of OCs, leaving residents in limbo. With the new amnesty scheme in place, Mhada has taken a significant step to resolve these delays, offering financial relief to those struggling with outstanding payments. One of the key features of the scheme is the complete waiver of interest charges on the differential amount, which was previously levied on the overdue payments. Housing societies will now be required to pay only the principal amount that was due. This move is expected to provide much-needed financial relief, enabling housing societies to clear their dues and receive their OCs without additional financial burden.

Additionally, the scheme offers a 75% waiver on penalties related to unauthorised construction or usage for buildings redeveloped under the 1991 Development Control (DC) regulations. This is particularly important for those societies that may have faced issues with the approval of their redevelopment projects in the past. In addition to the amnesty scheme, Mhada has also introduced significant policy reforms that will benefit property owners in these redeveloped buildings. The new policy states that maintenance charges and property taxes will now only be applicable from the date of possession, rather than from the date of allotment as was previously the case. This change ensures that property owners are not burdened with these costs during the period of delay before they can move into their new homes. Mhada’s Vice President and CEO, Sanjeev Jaiswal, highlighted that flats and plots remain under Mhada’s responsibility until possession is granted. This reform aims to alleviate financial pressures on property buyers who have had to pay maintenance charges and property taxes while still waiting for their homes to be ready for occupancy. This amnesty scheme comes as a relief to thousands of residents who have faced prolonged delays in moving into their redeveloped homes due to bureaucratic and financial hurdles. For many, securing an occupancy certificate means the end of years of uncertainty and the beginning of a new chapter in their lives. The move reflects a growing commitment from Mhada to support the city’s housing sector and address the challenges of urban redevelopment.

Housing societies that had been stalled due to financial constraints can now look forward to resolving their issues more swiftly. This initiative also strengthens Mhada’s role as a crucial player in the city’s development, helping both developers and residents navigate the complexities of redevelopment projects. As the amnesty scheme runs until April 2025, housing societies across Mumbai will have ample time to take advantage of the relief offered by Mhada, clearing dues and securing their occupancy certificates. For many, this will be the first step towards making their redeveloped homes a reality. The introduction of Mhada’s amnesty scheme marks a critical step towards streamlining the redevelopment process in Mumbai. By addressing the financial challenges faced by housing societies and introducing policy reforms, Mhada has paved the way for residents to finally obtain their long-awaited occupancy certificates. This move not only resolves issues tied to redevelopment but also ensures that property owners are treated fairly when it comes to maintenance charges and property taxes, creating a more equitable environment for the city’s residents.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -spot_img

Most Popular

Recent Comments

Abu Dhabi Fund for Development Starts Luxury Hotel Project in Egypt

Abu Dhabi Fund for Development Starts Luxury Hotel Project in Egypt

Abu Dhabi Fund for Development Starts Luxury Hotel Project in Egypt Abu Dhabi Fund for Development (ADFD) has launched a five-star luxury hotel project near...
CREDAI MCHI Welcomes Maharashtra Budget for Real Estate Growth

CREDAI MCHI Welcomes Maharashtra Budget for Real Estate Growth

0
CREDAI MCHI Welcomes Maharashtra Budget for Real Estate Growth Maharashtra’s latest budget has delivered a significant boost to the real estate sector, underpinned by strategic...

Shirdi Welcomes Its First Net-Zero Carbon Retreat

0
Shirdi Welcomes Its First Net-Zero Carbon Retreat Eco Hotels and Resorts Limited is set to redefine sustainable hospitality in Shirdi with the launch of 'The...

Ahmedabad Embraces Vertical Growth with New Towers

0
Ahmedabad Embraces Vertical Growth with New Towers Ahmedabad is experiencing a seismic shift in its urban landscape, with skyscrapers rapidly reshaping the skyline. This transformation,...
Mumbai SRA Project Exit Earns Build Capital 19.76% IRR

Mumbai SRA Project Exit Earns Build Capital 19.76% IRR

0
Mumbai SRA Project Exit Earns Build Capital 19.76% IRR Mumbai SRA project has delivered a strong financial outcome for Build Capital, as the firm successfully...