Maharashtra Government has launched Self Redevelopment Scheme for Flat Owners. Subsequently, this scheme will help the flat owners of the housing societies to redevelop and renovate their old buildings. Accordingly, this redevelopment scheme will facilitate flat owners to complete high quality work in a given time period with necessary suggestions.
This housing society scheme is a major initiative of the Mumbai District Cooperative Bank. Accordingly, residents will not have to face problems of the developers and builders to carry forward their redevelopment project. Banks will provide easy loans to carry out the construction activities.
Under this scheme, MHADA (Maharashtra Housing and Area Development Authority) and BMC (Brihanmumbai Municipal Corporation) will work in coordination to give permissions and other house related approvals easily.
Maharashtra Self Redevelopment Scheme
The important features and highlights of this redevelopment scheme are as follows:-
- Maharashtra govt. has launched Self Redevelopment Scheme to provide loans to flat owners to rebuild, redevelop and renovate their houses.
- Banks will provide funds and required deposit amount to the flat owners.
- For this reason, MHADA and BMC officials will form a Single-Window System which will speed up the process of getting permissions and approvals.
- MHADA and Mumbai District Bank will conduct workshops for flat owners to make them aware about the self-redevelopment loan policy and necessary permissions.
- Moreover, MHADA authorities along with the civic bodies will create a panel which will consist of architects, consultants and contractors. These members will work in coordination to benefit the flat owners of the housing societies.
- This govt. scheme will enable the flat owners to carry out redevelopment of their flats without involvement of any builder. The flat owners can choose any architect, consultant and contractors as per their choice.
- Moreover, the builders prove to be a hurdle in the redevelopment process of the flats.
This Self Redevelopment Scheme will facilitate speedy redevelopment process who wants to renovate their homes. As per the initial reports of banks, more than 2000 redevelopment projects are still blocked due to the builder leaving the project mid way.
Maharashtra govt. has approved at-least 500 projects till now. Furthermore, flat owners can apply to the banks as an alternative for delayed redevelopment.