CM Devendra Fadnavis on Tuesday announced waiver of 8.5% interest paid on premium for self-redevelopment projects. This will be applicable to all such projects whose proposals are received up to March 2026. The govt has allowed the payment of premium in instalments, for which the BMC charges an interest of 8.5%. Fadnavis, who was in Kandivli to inaugurate a residential building redeveloped by the residents through the self-redevelopment route, was apprised of the issue.  The premium is to be paid first while the construction begins only 2-3 years later. I was informed that residents have to bear the burden of bank interest as well as the premium interest. To ease the burden, the premium will be waived for three years only for self-redevelopment projects. This is to ensure the scheme is not misused, and the building is expected to be ready in five years. The CM said so far 1,500 proposals were received for self-redevelopment. However, Mhada received only 45 proposals, of which 42 were cleared. "I am not happy with the pace of approvals. The scheme is shutting down shops of brokers. I am warning that no one should obstruct self-redevelopment projects else they will lose their jobs. Fadnavis said the scheme would be brought under the ambit of Right to Services Act, adding that the endeavour would be to ensure zero human interface. Mumbai: CM Devendra Fadnavis on Tuesday announced waiver of 8.5% interest paid on premium for self-redevelopment projects. This will be applicable to all such projects whose proposals are received up to March 2026. 
 

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