Breaking News

Self-redevelopment of buildings gets concessions


MUMBAI: In a decision driven by means of the forthcoming Lok Sabha elections, the state cabinet on Friday licensed a slew of concessions for the self-redevelopment of housing societies.




The cabinet's determination on Friday didn't spell out the concessions, however mentioned those will probably be decided by means of a committee comprising bureaucrats from the revenue and concrete development departments. The committee is expected to put up its report inside three months.

The cabinet licensed self-redevelopment for societies on government, leased and personal lands. It additionally decided to arrange a one-window clearance gadget so that all permissions are given inside six months. Under the Ease of Doing Business regulations of the BMC, all permissions are to be granted inside 60 days.

The government has additional mentioned it will provide concessions in premium to be paid to the BMC for additional floor house index and transfer of development rights, but even so concessions in premium for conversion from urban land ceiling to non-ULC, GST, stamp accountability, premium for open house deficiency, and many others.

Architect and activist Chandrashekhar Prabhu, who initiated the self-redevelopment proposal, mentioned he is satisfied that the cabinet licensed the coverage. “It will free up Mumbaikars from the tyranny unleashed by means of a bit of developers,” he mentioned.

“I have labored for years to make this happen. The main points don't seem to be but known, but when the federal government has accredited my tips, it will be a game-changer for Mumbaikars. An unique member of

a society would possibly not pay premium for additional areas in their flat. Interest rates may be slashed, approval processes streamlined, GST benefits passed directly to participants. It might also imply extra floor house, better quality and timely construction, and a lot more corpus for maintenance,” Prabhu mentioned, explaining some of his tips to the federal government.


Last December, the 220-member Sachin Cooperative Housing Society in Mulund, unfold over 5 acres, decided to head in for self-redevelopment. The society appointed Knight Frank as marketing consultant for the challenge, estimated at Rs 700 crore.


Some of the benefits of self-redevelopment, in line with Prabhu, are that citizens can be expecting additional carpet area of as much as 60% in personal societies and 300% in Mhada colonies. Most developers offer around 10-25%. On greater plots, there's no want for moving to alternative accommodation. Hence, no insecurity about proposal final touch, or monetary loss and there's guaranteed protection as participants don't seem to be rendered homeless in case of non-completion Also, the time period ‘corpus’, related to the builder’s favour to the society, is changed by means of ‘surplus’, which comes from sale of saleable flats and is distributed among participants. Since facilities will probably be decided by means of participants, they are certain to be better. New participants will probably be decided on by means of current ones. There could be a 30% bargain on marketplace fee for the extra carpet area. Importantly, all belongings rights remain with the society, since no energy of lawyer must be finished in favour of the developer.






No comments