Mumbai Bank offers Rs 50 cr loan for self-redevelopment - News Summed Up

Mumbai Bank offers Rs 50 cr loan for self-redevelopment


One of Mumbai's banks gave a presentation to MHADA on Tuesday that it will give loans to societies to the tune of Rs 50 crore for self redevelopment. The bank in question is the Mumbai Bank. There are nearly 30,000 societies across the city, including cessed buildings located in South Mumbai, which need a No Objection Certificate (NOC) from the MHADA to go ahead with redevelopment. Under self redevelopment, the committee of the housing societies appoints a contractor to carry out construction and pays them. MHADA will be the authority that will be issuing the no objection certificate to cessed buildings.


Source: dna December 07, 2017 01:38 UTC


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