Self-Redevelopment Scheme in Maharashtra

Self-Redevelopment Scheme in Maharashtra Process, Benefits

Self-Redevelopment scheme is an innovative scheme to help the flat owners for redeveloping their old buildings. This scheme is a huge step towards making sure that the residents of housing societies can redevelop their buildings without any hassle. From a survey, we can know that around 2,000 projects of redevelopment in the city are stuck in the middle phase because the builder/developer left after doing half of the work. Thus this scheme will prove itself as a useful alternative option for redevelopment to the members of the housing societies.

Scheme for Self-Redevelopment in Maharashtra

Details of Self-Redevelopment Scheme

Launching Date	8 Jan, 2018
Launched By	Devendra Fadnavis (CM of Maharashtra)
State	Maharashtra
Funded By	Mumbai District Cooperative Bank
Supervised By	MHADA and Mumbai District Cooperative Bank

Key Features of Self-Redevelopment Scheme

Self-Redevelopment scheme will benefit the flat owners by ensuring eminent work within a short span of time. This scheme will also provide suggestions to the flat owners for redeveloping their buildings.
Maharashtra Housing and Area Development Authority (MHADA) will create an all in one facility or a single window system with the help of Mumbai District Cooperative Bank and this facility will allow the flat owners for getting permission of their redevelopment works and the permissions will be given very easily within a short span of time.
MHADA and Mumbai District Cooperative Bank will arrange workshops for the housing societies to increase awareness. The flat owners of the housing societies will be able to know the loan policy, permission system and other necessary details from these workshops.
MHADA will create a panel. There will be architects, consultants and contractors in that panel. Thus the flat owners will have several options before choosing an architect or contractor of their redevelopment work. The flat owners will also be able to get suggestions from consultants.
This initiative is taken by Mumbai District Cooperative Bank and they will also fund the entire scheme. So, the flat owners will be able to get the loan from a trusted source and they will be able to get the required amount of money for redevelopment from the bank.

Eligibility Criteria

All the flat owners of the housing societies are eligible for this scheme. The flat owners will be able to apply for redevelopment work by providing necessary documents.

This project has already gathered a lot of enthusiasm. Already, 300 societies have approached the bank for getting loan and already the bank has approved 500 redevelopment projects. The initiative by Mumbai District Cooperative Bank is great indeed and with the cooperation of MHADA the bank will be able to provide a hassle free redevelopment system to the residents of the housing societies which will also benefit the state and the country eventually.