M'rashtra clears redevelopment of 40,000 societies
Under the self-redevelopment plan of one lakh registered housing societies with 30 years age span, Maharashtra government and the owners have in principle agreed to redevelop 40,000 structures. The state government has cleared the recommendations put forth by a high-powered committee for self-development projects of old registered cooperative housing society projects in Mumbai, Pune, Thane and other urban areas. The government has offered several concessions for registered housing societies opting for self-redevelopment and the prominent features include a single window for all approvals and a time-frame of six months after submitting the application. These registered societies that wish to carry out self-redevelopment will be granted 10% additional FSI along with the permissible FSI as per the development control rules cleared by the government. The state cooperative housing federation members have said it will pave the way for old registered societies that were earlier dependent on developers to go on their own to redevelop their projects. The societies will also be able to avail a government subsidy of up to 4% on the loans that these societies can avail for self-redevelopment while Transfer of Development Rights (TDR) will be made available to housing societies at 50% of the rate and concessions for premium which the planning authorities will levy and which will benefit the society members. The government has several concessions for such projects that were stuck due to developers who would give their commitment but would delay the project, said vice president of Maharashtra State Cooperative Housing Federation Suhas Patwardhan. The move will prompt more old societies to register with the cooperative department for self- development, he added.
📅Published on:
18 September 2019
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