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

Raajesh Prajapati , Industrial Development Corporation , Prajapati Group , Navi Mumbai , Unified Development Control , Promotion Regulations , Penal Interest Rate , City And Industrial Development Corporation , தொழில்துறை வளர்ச்சி நிறுவனம் , ப்ராஜாப்ாடி குழு , நவி மும்பை , ஒருங்கிணைந்த வளர்ச்சி கட்டுப்பாடு , ப்ரமோஶந் ஒழுங்குமுறைகள் , நகரம் மற்றும் தொழில்துறை வளர்ச்சி நிறுவனம் ,