Mumbai: Rules for redevelopment projects of ceased buildings have been issued
TheMaharashtraHousingandAreaDevelopmentAuthority(MHADA)established newrequirementsfordeveloperswiththeintentionofacceleratingthecessed buildingrenovationprojectsinMumbaiandlooseningtherestrictionsofthe GovernmentResolution(GR)passedin2019.
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TheMaharashtraHousing&AreaDevelopmentAuthority(MHADA)announcedthat itwouldfinethedeveloper'sbankguaranteeiftheredevelopmentprojectisnot finishedwithinfiveyears,inaccordancewiththeamendedstandardsforMumbai's cessedbuildingredevelopmentprojects.Theseinstructionsareintendedtospeed upsuchprojects.
What is said in the new guideline?
Accordingtothenewregulations,developersmustgivetheMumbaiBuilding RepairsandRehabilitationBoard(MBRRB)abankguaranteeorafixeddepositina nationalizedbankequalto10%oftheprojectcost,calculatedbasedonthecurrent marketvalue,forafive-yearterm.TheMaharashtraHousingandAreaDevelopment AuthorityhasanofficialarmcalledMBRRB(MHADA).
What happens if a builder doesn't complete the redevelopment project in that time?
Thebuilderissubjecttoapenaltyof12percentonthebankguaranteeforthefirst threemonthsofeveryyear,then18percentuntiltheprojectisfinished,iftheyare unabletofinishtheprojectbeforethebankguaranteeexpiresandfailtorenewit.
The Government Resolution (GR) 2019 was withdrawn for what reason?
TherearevariousNo-ObjectionCertificates(NOCs)thatareblockedasaresultof theGovernmentResolution(GR)forbuildingrenovationthatwaspassedin September2019.AbuilderrequiredtohavemadebetweenRs10-15crorein revenueduringthepreviousthreeyears,accordingtoGR2019.Forthe redevelopmentprojects,thebuildermustalsohavebuiltatleast500homes.Such requirements,intheopinionofthedevelopers,wereahindrancetorebuilding plans.Asaresult,itbecameessentialtomodifytheGR&implementmoreinclusive rules.
TheStatethinkstheregulationswereessentialbecausetherewasnomeanstohold developersaccountableforthefailureofabandonedprojectsinthepast.
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