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.