Mumbai District Central Cooperative Bank's (MDCCB) self-redevelopment scheme for co-operative housing societies has cleared funds worth ₹770 crore with the redevelopment plans drawing overwhelming response. So far, around 500 housing societies across Mumbai have shown interest in redeveloping their own buildings without the involvement of builders. The MDCCB has sanctioned loans worth ₹52 crore to eight housing societies, out of which four have started work and redevelopment of two societies is currently at an advance stage of completion. Rebuilding of two societies is currently at an advance stage of completion and the bank has already sanctioned loans to as many as 19 housing societies, chairman, MDCCB Pravin Darekar said, adding that thousands of redevelopment projects across Mumbai are stranded for various reasons. The builders promise to undertake redevelopment in two-three years, but the projects drag on for five to seven years and in some cases, for more than a decade. The bank not just provide loan for reconstruction purposes, but also hand-hold these societies in obtaining permits from the BMC, MHADA, MMRDA, environment ministry and other government departments, he added
