What you should know about SRA apartments
Everything you need to know about SRA apartments and the authority is right here.
In December 1995, the Maharashtra state government began a comprehensive slum restoration scheme and established the Slum Rehabilitation Authority (SRA) to provide suitable homes to the urban poor living in Mumbai’s slum neighborhoods.
The aim was to use the land as a resource by giving slum people SRA apartments and selling the remaining tenements on the open market. New rehabilitation projects are still being constructed through public-private partnerships, with the saleable FSI (or FAR) being used to recover costs and generate profit for the developer.
What are SRA apartments, exactly?
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Slum inhabitants are provided with tenements known as SRA apartments by the SRA. There are two types of SRA flats: those that a slum dweller is assigned after surrendering his current residence and those that builders sell on the open market.
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Is it possible to purchase SRA apartments?
When it comes to buying or selling SRA units, the SRA has a set of rules and regulations:
o The beneficiary is subject to a 10-year lock-in period, which prevents him from selling the allotted SRA flat.
o The state government is entitled to a part of the sale price if the property is sold after ten years. This part is known as the transaction fee, and it is required at the time of property registration. This equals the stamp duty or Rs 1 lakh, whichever is more.
o A domicile certificate holder is the only one who can purchase an SRA flat. In addition, the family should not own any other property in Mumbai’s suburbs.
o The original seller is unable to purchase any SRA apartment.
o The purchaser must be from the economically disadvantaged sector (EWS), the lower-income group (LIG), or the middle-income group (MIG) (MIG).
o Both the husband and wife’s names will appear on the sale deed. SRA apartments cannot be purchased by partnership firms or organizations.
Before buying an SRA Mumbai apartment, there are a few things you should know.
o Examine the property’s title deed to check that you are purchasing it from the original seller. Only the seller’s name should appear on the deed.
o Verify the property documentation and title deed with a real estate lawyer.
o Check to see if the owner has a bank release certificate. This is to ensure that the seller repays the debt.
o Only a properly stamped sale deed will be used to transfer property ownership. Remember that buying and selling property using a power of attorney is illegal and has no legal standing in court.
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The chief executive officer is in charge of the SRA. the Maharashtra chief minister serves as the organization’s chairperson. The state housing minister, the urban development minister, the commissioner of the Municipal Corporation of Greater Mumbai, and the senior secretary of the urban development and housing department are the other nine members of the Authority.
The government has also established a GIS platform, where people and other key stakeholders may see data gathered by the Brihanmumbai Municipal Corporation, with the goal of becoming Mumbai slum-free by 2022. These maps include layers of data such as administration wards, borders, and scheme information based on HUT ID, village, taluka, ward, cluster, and landmark criteria.
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