[INDIA REAL ESTATE NEWS] Good morning, everyone. I’m Shubham Pundir |
staff of Kamagroup Pvt. Ltd. Here I have important INDIA REAL ESTATE news
to share with you which is as under mentioned.
The Maharashtra government has proposed to make it mandatory for developers
to keep a security amount in advance, to pay rent to the tenants whose property
will be redeveloped. We look at the implications of this proposal
In the past, many residents of slums that underwent redevelopment, have
complained that developers have not paid them rent, for the transit accommodation.
For example, over 100 slum dwellers of the Dhobi Ghat slum rehabilitation
project in Mumbai, have said that they did not receive their monthly rental
from the developer for many years and some of them were forced to live on
footpaths. In another case, many residents staged a protest outside the office
of a developer for non-payment.
Keeping in view the increasing instances of defaults by developers and
harassment faced by residents, Maharashtra chief minister Devendra Fadnavis,
in a reply to a discussion at the state legislative assembly, has said that builders
will have to deposit three years’ rent in advance, for slum rehabilitation projects.
The CM also emphasised that when project costs are nearly Rs 50 crores,
there is no harm in keeping a small part as an advance, in an escrow account,
so that there are no hardships later.
Read more at: https://housing.com/news/three-years-advance-rent-for-redevelopment-will-it-help-sra-projects/
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Have a nice day.