In a bid to provide the much-needed relief to the developers of slum rehabilitation projects in Greater Mumbai, the Slum Rehabilitation Authority (SRA) has decided to issue intimation of approval (IOA) and commencement certificate (CC) together. This will pave the way for the developers of the slum rehabilitation project to get loans and also sell the upcoming tenements in the market.
In a bid to provide the much-needed relief to the developers of slum rehabilitation projects in Greater Mumbai, the Slum Rehabilitation Authority (SRA) has decided to issue intimation of approval (IOA) and commencement certificate (CC) together. This will pave the way for the developers of the slum rehabilitation project to get loans and also sell the upcoming tenements in the market.
Further, SRA will not charge 12% interest currently charged on deferred payment of fungible portion which used to be in three annual instalments to procure further CC. With each deferred payment charged with an interest payment of 12% per annum rates for which developers had to submit cheques in advance to SRA. However, the interest payment has been now waived.
These decisions have come into effect from August 6. Currently, there are 1,513 slum rehabilitation projects are listed. SRA chief executive officer Deepak Kapoor in a circular issued yesterday said that the decisions were taken in a bid to further bring in ease of doing business following the representations received from stakeholders to SRA administration. CREDAI-MCHI delegation had met CEO on July 11 with a plea to expeditiously grant development permission and waiver in interest payment on deferred payments considering the viability of slum rehabilitation schemes.
FACT FILE
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| Currently, there are 1,513 slum rehabilitation projects which are listed |
| SRA will not charge 12% interest currently charged on deferred payment of fungible portion which used to be in three annual instalments to procure further CC |
''Considering the representations from stakeholders, IOA and CC up to plinth/stilt height will be given simultaneously as per the provisions of regulation 10 of Development Control & Promotion Regulations 2034 and other laws,'' Kapoor said in the circular. Paradigm Realty MD Parth Mehta said SRA decisions will provide some cash flow comfort to developers in rough times like these where the sales, as well as recoveries, are sluggish due to a bleak business environment and weak support from financial institutions.
On the other hand, Omkar Realtors & Developers promoter Devang Varma suggested that SRA decisions are a welcome move but it should also provide a single-window clearance so that timelines for approvals can be further brought down with the reduction in premiums to give a fillip to real estate. According to Practising Engineers Architects & Town Planners Association vice president Samir Hoota, SRA move will help developers to use the finances which he was paying for interest on deferred payment in the proposed scheme.
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