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BUILDERS RELIEF AS DHARAVI REDEVELOPMENT AUHOTRITY MAY EXEMPT UPFRONT PAYMENT DUE TO TIGHT LIQUIDITY

dharaviThis should come as a welcome relief to realtors hit hard by the economic slowdown. The Dharavi Development Authority, which oversees the massive redevelopment plan, is likely to exempt builders from the upfront payment of Rs 1,500 crore. As per the conditions, 19 consortia – shortlisted for the Dharavi Redevelopment Project- were expected to pay upfront 10% of the project cost, to the tune of Rs 1,500 crore, to Dharavi Development Authority. There was a demand to waive the said condition considering the prevailing market turmoil. The DDA is seen responding to builders’ demand favourably and hence decided to exempt builders from the upfront payment of Rs 1500. Another candy for the builders for this project is that the free-sale component which allows the builder to work for the rehabilitation and exploit the space available with it for commercial use simultaneously. Bureau report NMTV

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