Summary:
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..