Maharashtra Launches Self Redevelopment Scheme 2018, Mumbai

Self redevelopment scheme is an initiative by the Mumbai District Cooperative Bank; the bank believes that this would reduce the hassle faced by residents because of developers and builders while undergoing a redevelopment project.

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Maharashtra Launches Self Redevelopment Scheme 2018, Mumbai

Chief minister of Maharashtra, on Monday launched a Self Redevelopment Scheme that would allow the members of housing societies to redevelop their old buildings. This scheme would help flat owners to get quality work, within the stipulated time along with necessary suggestions.

Self redevelopment scheme is an initiative by the Mumbai District Cooperative Bank; the bank believes that this would reduce the hassle faced by residents because of developers and builders while undergoing a redevelopment project.

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The officials of MHADA (Maharashtra Housing and Area Development Authority) should form a ‘single-window system’ in coordination with the Brihanmumbai Municipal Corporation (BMC). This will expedite the procedure of getting permissions for the flat owners and all the approvals will be given easily, said CM. Chairman of Mumbai Co-operative Bank, was also present during the launch of the scheme on Monday.

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Under the scheme, the bank would provide the required funds and deposit amount to the flat owners. During the event, CM directed MHADA and Mumbai District Bank to conduct workshops for the flat owners so that they know about self-redevelopment loan policy and the permissions required for the same. MHADA in coordination with the civic body should create a panel consisting of architects, consultants and contractors for the benefit of flat owners, said CM.

The scheme allows redevelopment without the requirement of a builder, wherein the flat owners will have the liberty to select their architects, consultants as well as contractors. Sometimes, builders delay the redevelopment scheme and leave the residents in a fix, thus the ‘self-redevelopment scheme’ will prove a relief for the flat owners who are looking for redevelopment.

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According to the bank, around 2,000 redevelopment projects in the city are stalled because of the builder leaving the project mid way.

Source Link- http://www.asianage.com/

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