Mumbai – capital of state of Maharashtra also called as “city of Dreams” where land is scarce resource but the demand is rising continuously. In order to cater to the increased demand for housing, with the added objective of replacing the old buildings, the government has been promoting and regulating the redevelopment of existing properties which has drastically changed the face of Mumbai but during past few years the .Traditional practice of redevelopment where building were developed by the developers wherein many projects left abounded had raised a point of insecurity in the mind of flat owners thereby not allowing members to develop a positive mindset and acceptance when it comes to development by developers.
Hereby understanding this scenario and considering the increase in demand for residential dwellings the cabinet of the government of Maharashtra, set up an expert committee on March 8, 2019, to examine the issue and give recommendations for self-redevelopment of buildings by the housing societies in the state of Maharashtra. A Government Resolution (GR) dated September 13, 2019, was issued, to implement the suggestions of this high-level committee.
The supervising authority for this scheme will be MHADA who will provide a single window system, for all the necessary permissions required for self-redevelopment of the housing society. Ensuring speedy permissions process. Over and above MHADA is also required to create a panel of architects, project management consultants and contractors, to provide choices to the housing society, for selection of requisite professionals needed for self-redevelopment.
For funding purpose, the Reserve Bank of India has now allowed societies to borrow from housing finance companies, apart from the Mumbai District Co-operative Bank. Vide effect from RBI notification, which came in February 2021, this step will boost the prospects of the self-redevelopment scheme in Mumbai.
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