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Experts say that the zero period waiver on interest and penalties imposed on developers for financial defaults is also a positive development for various stakeholders in the NCR real estate sector.
The package would include reschedulement and zero-period policies to waive interest and penalties imposed for financial default, among others to enable the completion of stalled projects
Maharashtra real estate: In 2023, there are more than 7,700 real-estate projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA) have lapsed, owing to delays, according to data provided by the authority. This means real-estate developers cannot advertise, market or sell apartments in these 7,700 projects.
In Mumbai, there are more than 25 types of premiums that a developer ends up paying to the authorities. Around 20 to 30 percent of the project cost goes towards these premiums, say real estate developers.
Relief measures and concessional interest on payments would result in development authorities forgoing a portion of the amount builders owe them.