MHADA reduces interest on delayed payments of development charges to 12%

The decision comes into effect following the directions issued by Maharashtra's Deputy Chief Minister Devendra Fadnavis. The minister had recently, at a NAREDCO conference, voiced concern over the level of interest charged by the state government's housing body from realty developers and had stated the need to lower the same to bring it at par with that of the Municipal Corporation of Greater Mumbai (MCGM).