In an effort to provide relief for housing societies awaiting Occupancy Certificates (OC), MHADA (Maharashtra Housing and Area Development Authority) issued a significant circular on October 11, 2024, (released on October 22) introducing the Abhay Yojana. This scheme allows eligible housing societies located in MHADA layouts across Mumbai City and Suburbs to settle outstanding dues under favorable conditions for a limited time.
Overview of MHADA’s Abhay Yojana 2024
The Abhay Yojana aims to assist housing societies that have completed construction but have not yet received their Occupancy Certificates due to pending premium payments. This scheme was launched following government approval on October 8, 2024, to ease the financial burden on societies by allowing them to clear the principal difference in overdue premium amounts without incurring additional interest charges. By addressing these outstanding payments, MHADA facilitates smoother access to occupancy certificates, which in turn benefits residents and enhances building compliance standards.
Key Provisions of the Abhay Yojana
Under the terms of this new scheme, the following key provisions apply:
- Interest Waiver: MHADA has approved a full waiver on the interest associated with the overdue premium difference. This waiver applies specifically to buildings constructed according to the Development Control Rules (DCR) of 1991 and allows housing societies to focus on repaying only the principal.
- Installment Option for Overdue Payments: Housing societies will be permitted to pay the outstanding principal amount in phased installments over six months. This phased approach, implemented through the Building Permission Cell of MHADA, is designed to alleviate financial strain and ensure steady progress toward certification.
- Limited Six-Month Period: Abhay Yojana will be available for six months from the issue date of the circular, meaning eligible societies must take advantage of the scheme within this time frame. Extensions beyond this six-month period will not be available, emphasizing the importance of timely action.
Eligibility and Implementation
This scheme is available to societies in the Mumbai City and Suburbs under MHADA’s jurisdiction. It provides an accessible pathway for societies under financial strain to achieve compliance with MHADA’s requirements, enabling them to obtain occupancy certificates with structured payment solutions.
The Abhay Yojana 2024 is set to assist numerous societies that have struggled to meet premium payment demands, ensuring compliance with MHADA regulations while allowing them to move forward in securing essential certifications.