Self-redevelopment- Things to know

 

What is self-redevelopment?

It is a scheme from the Maharashtra Government where the societies can choose to take up the task of redevelopment all by themselves, without involving any developer/builder. After a number of societies complaining about the woes, they have to face due to delay in work of the builders in redevelopment, government to put an end to this, launched the self-redevelopment scheme on January 9, 2018. The scheme is supervised by the Maharashtra Housing and Area Development Authority (MHADA) and serves as one-window to provide service to the co-operative housing societies.

 

How does it work?

Co-operative societies, upon deciding on self-redevelopment, approaches MHADA. MHADA provides them help with required permits. Also, MHADA is responsible for arranging a panel of architects, project management consultants, and contractors, to provide choices to the housing society, to select the requisite professionals needed for self-redevelopment.

The loan for redevelopment is provided by the Mumbai District Central Cooperative Bank.

 

What is the eligibility to avail the loan?

  1. The housing society needs to be situated within the Mumbai suburban area.
  2. The housing society needs to be registered under the MCS Act, 1960.
  3. The housing society needs to be a member of the Mumbai District Central Cooperative Bank. The housing society needs to buy shares of the bank to become a member.
  4. All the government dues should be paid by the society before availing the loan.
  5. All the maintenance charges should have been recovered from the members.
  6. To mortgage the property to the bank, there should 100 percent consent from the members.

 

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