Boost for self-redevelopment projects as CM Fadnavis waives off interest on premium

Maharashtra CM Fadnavis waives interest on premium for self-redevelopment projects until March 2026, aiding housing societies in Mumbai and beyond.

Published on: Feb 26, 2025, 09:06:17 IST

By Faisal Malik

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MUMBAI: Chief minister Devendra Fadnavis on Tuesday declared waiving off of the interest charged for paying premium in three years for self-redevelopment projects in Mumbai and other parts of the state. The announcement was made while distributing keys to the owners of a self-redevelopment housing project at Charkop. Fadnavis said that the interest for paying premium in three years for self-redevelopment project will be waived off till March 2026.

Boost for self-redevelopment projects as CM Fadnavis waives off interest on premium

The decision is expected to give boost to those planning for self-redevelopment of their housing societies in Mumbai and other areas of the state. The state government charges five percent of the ready reckoner value as premium from housing societies opting for self-redevelopment on government-owned leased lands. It also allows the societies to pay the premium in three years. The state charges 8.5% interest against the total amount as additional charges.

“Because of this, a housing society has to pay double interest for the loan taken from the bank as well as against the premium. Considering this, I am declaring that the interest for paying premium in three years will be waived off for self-redevelopment projects for the next three years,” the chief minister announced.

“In the beginning, the waiver in interest will be applicable till March 2026. It means all the proposals for self-redevelopment projects will not have to pay any interest. We will take the further decision based on your response,” he added.

Fadnavis also said that the waiver cannot be extended for more than three years as it will result in dragging the projects, just like the builders do.

ABOUT THE AUTHOR
Faisal Malik
Faisal Malik is a senior journalist with over two and a half decades of experience covering Maharashtra’s politics, governance and public policy with a deep understanding of the state’s political landscape. He is a Senior Assistant Editor at Hindustan Times and has been associated with its Mumbai edition for more than a decade. Based in Mumbai, Faisal currently covers three major political parties in Maharashtra — Congress, Nationalist Congress Party (NCP) and NCP (Sharad Pawar). Over the years, he has extensively reported on major political developments, combining investigative insights with in-depth field reporting. His coverage has spanned a wide range of issues, from drought, farmer suicides, major development projects and grassroots challenges to major electoral battles, including three Lok Sabha and Maharashtra Assembly elections — 2014, 2019 and 2024. Before joining Hindustan Times, he worked with ‘The Asian Age’ and ‘Dainik Bhaskar’. An avid tea enthusiast, he enjoys reading history, Urdu literature and classical poetry. When away from the newsroom, he writes Urdu poetry inspired by human emotions, life's experiences, meaningful reflections and relationships. An amateur photographer, Faisal is passionate about capturing moments that often go unnoticed by the naked eye.Read More

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