Introduction

Maharashtra government must approve projects for self-redevelopment within 3 months The Maharashtra government has started the process by directing officials to accept bids for self-redevelopment within three months in order to facilitate the self-redevelopment of ancient structures in Maharashtra, particularly in Mumbai.

The Maharashtra Housing Department issued the directive via a government resolution (GR) dated August 29, 2023.

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The Maharashtra government previously declared single-window approval for the self-redevelopment of historic structures in Mumbai and other regions of the state. ” Now that proposals for self-redevelopment must be address and approve within three months of the proposal date, the officials of these nodal agencies with single-window clearance should make sure to do so, the directive reads.” the GR said.

Additionally, the district cooperative banks have been designate by the Maharashtra government as the focal organisations for financing these projects. The Mumbai District Co-operative Bank has been designate for the task in Mumbai.

Self-Improvement Strategy

Several incentives for cooperative housing societies that intend to choose self-redevelopment were announce by the Maharashtra government in 2019. This included a Goods and Services Tax (GST) rebate, a waiver of some of the premiums paid for real estate developments, and an exemption from the minimum nine-meter road requirement for fire approval.

However, COVID struck in March 2020, slowing construction after the policy was enact in 2019. There are more than 13,000 elderly or buildings that need to be renovate but are unable to do so for a variety of reasons, including disagreements with developers or landlords or a lack of financial viability.

Stamp Duty Exemption

The Maharashtra government additionally declare in July 2023 that register cooperative housing societies that choose to self-redevelop will only be require to pay Rs 1,000 in stamp duty when allocating units in the newly construct building to current flat owners.

Depending on the city and district, the stamp duty that is now in place in Maharashtra is between 5 and 7 percent of the entire agreement value. Developers had applaud the decision, claiming that because less financing would be need, it would encourage more historic buildings to choose self-redevelopment.

Residents Welcomes Change

Mumbai’s residents of historic buildings have praised the initiative to encourage self-improvement.

“Because it was construct in the 1980s, our building needs to be update. Although we are collaborating with a number of developers, the contract cannot be finalised  because of differences regarding the additional space provide to current residents. Our housing society would have a new motivation to do the same with the announcement of support self-redevelopment policies, according to Ankit Arora, a resident of an ancient building in Borivali, north of Mumbai.

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