CIDCO decision to cut interest rates on late payments in half will result in a 30% boost in development by MSME developers: Credai-MCHI is an abbreviation for Credai-MCHI

CIDCO decision is also intended to stabilize house costs for homebuyers, according to the company.

cidco cut interest rates late payments result 30% boost development

The Maharashtra government’s city planning body, City and Industrial Development Corporation (CIDCO), has offered a nearly 50% reduction in interest rates on late plot or property payments, a move that realtors say is expected to result in a 30% increase in construction activity by MSME developers in Navi Mumbai.

Real estate developers are already required to pay 12 percent interest on installments delayed for up to three months and 16 percent interest on installments delayed for more than three months. This has now been lowered to 8.4%. The decision of CIDCO is also likely to help purchasers who may have purchased houses from it.

According to CREDAI MCHI, a leading real estate industry association, the move is a “game-changer” and is likely to increase construction activities conducted by MSME developers in Navi Mumbai by about 30%.

 


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CIDCO’s decision is also intended to stabilize house costs for homebuyers, according to the company.

“CIDCO’s decision to offer a 50% interest rate reduction on late plot/property payments in response to a longstanding demand from Navi Mumbai and Raigad-based real estate bodies is a shot in the arm for the Navi Mumbai real estate market in these trying times,” said Rajesh Prajapati, CMD, Prajapati Group and founder president of CREDAI MCHI Raigad Unit.

This measure, which is in accordance with MahaRERA principles, would also improve the ease of doing business in the region and pave the path for increased economic success.

“We appreciate CIDCO’s decision to decrease DPC interest by over 50% and believe that this would lead to more real estate development in Navi Mumbai,” said Kiran Bagad, head of CREDAI MCHI, Raigad unit.

 


 

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