Redevelopment Revolution: Strategies To Boost Maharashtra
The Maharashtra government said it would investigate people’ suggestions to include rehabilitation projects in the jurisdiction of the Maharashtra Real Estate Regulatory Authority (MahaRERA). The State stated that in order to make the required changes in this regard. The RERA Act, 2016,’s scope will need to be investigated.
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The issue of bringing residential redevelopment projects under the purview of the Maharashtra Real Estate Regulatory Authority (MahaRERA) has not yet been resolved. Despite the State government’s decree that the approval of 51% of the residents would be required to proceed with the redevelopment of housing societies. It is crucial to remember that in the past. Redevelopment was only achievable with the support of 70% of the population.
Why is redevelopment necessary to include in MahaRERA?
Consumer advocacy groups claim that a 2016 modification to the Real Estate (Regulation & Development) Act will allow redevelopment projects to be registered under the Act. These projects frequently experience delays since developers currently only register new developments. Redevelopment project developers will be held accountable. And the work will be finished within a certain amount of time if included in MahaRERA.
Additionally, because residents of housing societies would be considered as allottees with rights equivalent to those of homebuyers.The modification will encourage more housing societies in the State to engage in redevelopment.
What is the State’s current redevelopment situation?
Currently, there are over 1 lakh cooperative housing societies registered in the State, of which roughly 40% require redevelopment. Additionally, the Maharashtra Housing & Area Development Authority and the Slum Rehabilitation Authority (SRA) oversee about 15,000 housing projects (MHADA).
The addition of redevelopment projects may further enhance the real estate environment. As MahaRERA has been actively making progress toward increasing transparency in the State’s real estate market.
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