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CIDCO slashes penal interest rate on delayed payment charges by 50%

CIDCO slashes penal interest rate on delayed payment charges by 50% SECTIONS Share Synopsis The decision is expected to provide relief to small and medium size realty developers in Navi Mumbai. Currently, developers pay 12% interest on delay in payment of instalments up to 3 months and 16% interest on delay in payment for more than 3 months. The rate of interest for delay in payments has now been slashed to 8.4%. Getty Images This benefit will also be available to thousands of homebuyers who have bought properties and tenements directly from the CIDCO. In the backdrop of the Covid19 pandemic and lockdown’s impact on the real estate sector, the Maharashtra government’s city planning body, City and Industrial Development Corporation (CIDCO) has offered nearly 50% reduction in the interest rates on delay in plot or property payments.

Navi Mumbai: CIDCO offers 63 plots in Ghansoli, Kharghar, New Panvel

Navi Mumbai: CIDCO offers 63 plots in Ghansoli, Kharghar, New Panvel File Photo Continuing the supply of lands in the satellite city, the City and Industrial Development Corporation (CIDCO) has come up with 63 residential plots in Ghansoli, Kharghar and New Panvel nodes for which the filling of e-tenders began on Monday. The minimum offset price of these plots ranges from Rs 70,000 to Rs 1,00,000. Last month, CIDCO had offered 106 bungalow and row house plots across Navi Mumbai for which the tender will open next week. Of the 63 plots, Kharghar has maximum 29 plots and its size ranges from 44 sqm to 115 sqm and the offset price is Rs 1,00,000. New Panvel node has 28 plots while Ghansoli has only six plots. The lowest offset price is Rs 70,000 of New Panvel plots.

Aurangabad renaming has public backing, says Eknath Shinde

Aurangabad renaming has public backing, says Eknath Shinde File Image Maharashtra PWD Minister and senior Shiv Sena leader Eknath Shinde on Saturday said the renaming of Aurangabad as Sambhaji Nagar should not be made a political issue as people are backing the demand. He was in Marathwada s largest city to chair a meeting on Unified Development Control Regulations. There is no reason to oppose renaming of Aurangabad as Sambhaji Nagar. It is a demand of the public that this name be given to Aurangabad and the Shiv Sena is with the people. This issue has no connection with elections, he said.

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