Extra FSI, loan rebate: Mumbai’s sops to boost self-revamp of societies

Updated on Sep 15, 2019 03:16 AM IST
Through self-redevelopment, residents come together to undertake the revamp instead of the builder. They appoint a contractor and share the benefits which would have otherwise been cornered by the builder.
To protect residents from delays, the government has also mandated that the project needs to be completed within three years after approvals are issued.(Ht image)
To protect residents from delays, the government has also mandated that the project needs to be completed within three years after approvals are issued.(Ht image)
Mumbai | By

In a bid to help housing societies carry out self-redevelopment of their old buildings, the state government is offering various incentives and concessions. These include extra floor space index (FSI); faster and time-bound approvals; rebates on loans; penalising erring contractors who delay construction work, as well as a reduction in premiums for these buildings.

Through self-redevelopment, residents come together to undertake the revamp instead of the builder. They appoint a contractor and share the benefits which would have otherwise been cornered by the builder.

On Friday, the state issued a government resolution (GR) outlining rules for societies undertaking redevelopment. The GR states that any building over 30 years old can initiate the process of self-redevelopment. There would be a one-window system for all permissions and the scheme will be approved within six months. Societies will get concessions in both, purchase of TDR (transfer of development rights) as well as construction premiums.

To protect residents from delays, the government has also mandated that the project needs to be completed within three years after approvals are issued. There will be a tri-partite agreement between the housing society, the banks disbursing loans, and contractor.

According to Ramesh Prabhu, president, Maharashtra Societies Welfare Association (MSWA), this is a boon for residents. “This will induce confidence among residents as they can plan for their societies, choose the contractors and also get bigger houses than those offered by the builders,” said Prabhu.

The state has also announced a vigilance committee to ensure quality construction and monitor its the time frame. There will be a grievance redressal cell to protect the residents and a mechanism to remove erring contractors and blacklist their firms.

“This will benefit lakhs of flat owners and bring about transparency in the realty sector,” said Pravin Darekar, chairman, Mumbai Bank.

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  • ABOUT THE AUTHOR

    Naresh is a Special Correspondent with Hindustan Times, Mumbai, since 2005. He covers the real estate sector, in addition to doing political reportage.

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