MHADA's 18% interest worries Devendra Fadnavis

30 Nov 2023 CW Team

Devendra Fadnavis, the Deputy Chief Minister of Maharashtra, remarked that the current interest rates imposed by MHADA on developers were excessively high. He expressed the necessity to reduce them to align with the rates set by the BMC. Fadnavis announced that the state government would review the issue promptly and instruct MHADA to present a proposal. The goal was to decrease the current compounded interest rate of 18% to match the BMC's rate.

Fadnavis commented, "Charging 18% compound interest by MHADA is significantly elevated, and it is inappropriate to impose such a high interest rate. The interest rate should be on par with that of banks. I will intervene in this matter, and upon the representation from NAREDCO Maharashtra, the government will request MHADA to submit a proposal. This will bring it in line with the BMC, ensuring uniform regulations in both organisations."

Regarding the industry's request for a reduction in premiums, Fadnavis assured that the government was genuinely considering it. However, he added that it was challenging to determine when a decision would be made. He emphasised that the government had been deliberating on various demands from the real estate industry.

"After Maharashtra initiated MahaRERA, the entire real estate sector underwent a transformation, significantly boosting the confidence of small buyers. Developers adhering to MahaRERA rules established a fair market for buyers, fostering a level playing field. The sector is now witnessing the entry of ethical players from both corporate and non-corporate backgrounds," stated the deputy CM.

Real Estate

24 Sep 2025

Excentia Tatva Phase 2 Launches in Dehradun

Excentia Infra has launched Phase 2 of its flagship Excentia Tatva on Rajpur Road, unveiling Tower D. The phase offers 64 ultra-luxury 3 & 4 BHK residences, alongside limited penthouses, with sizes ranging from 2,350 sq. ft. to 4,075 sq. ft., boasting uninterrupted mountain views. The project, spread across five acres with 307 units, is Dehradun’s first IGBC Gold Pre-Certified Green Building, blending biophilic architecture with resort-style living. Amenities include an infinity all-weather pool, luxury spa, private screening room, amphitheatre, Skyplex, banquet hall, fine-dining re..

Excentia Tatva Phase 2 Launches in Dehradun

Elematic Oyj, a global leader in precast concrete technology, launched Precast Academy 2025 in Hyderabad to accelerate India’s construction transformation. The two-day event brought together leading developers, contractors, and international experts to discuss speed, quality, and sustainability in urban development. Opening the event, Kimmo Lähdevirta, Ambassador of Finland to India, said: “We see India as huge opportunity for Finnish companies to participate in the growth and bring our expertise and innovations to the Indian market. Precast construction has its origins in Finland si..

NTPC Explores Global Uranium Assets to Boost Nuclear Power Projects

Currently, nuclear energy contributes 2% (8,180 MW) of India’s total installed capacity (4,75,212 MW).NTPC nuclear projects, Uranium acquisitions India, Clean energy India, Mahi Banswara Nuclear Project, ANEEL fuel collaboration Low-carbon powerIndia’s largest power producer, NTPC Limited, is strengthening its focus on clean energy by exploring nuclear power opportunities. The company is evaluating overseas uranium acquisitions to secure fuel for upcoming nuclear plants, marking a significant step in its transition from conventional coal-based operations.Strategic Shift Toward NuclearFound..