Good News For Flat Owners! Maharashtra Govt To Give Extra 10% Space For Self-Redevelopment Projects - Check Details

Even after buying your dream flat or one you thought would your forever home in a metro cities like Mumbai, and Pune, you'll find several buyers crib about the need for additonal space. To address this, a government appointed panel in Maharashtra has come up with an innovative self-redevelopment recommendation.

As per this panel, housing socities choosing to take up the onus of redevelopment should be offered addtional 10 per cent carpet area for every member's flat. This allows to bolster the pace of redevelopment at large along with increasing living spaces among other long-term  perks for residents.

Can Mumbaikars Finally Make Their Dream Home A Reality?

This new proposal is particularly relevant for Mumbai and other major cities in Maharashtra, where thousands of old and ageing cooperative housing societies are in need of redevelopment. By taking up self-redevelopment, society members get not only extra carpet area, but also higher value for their property and better control over construction quality and deadlines. It also reduces delays and risk of misappropriation, which have been concerns in builder-driven projects.

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Expert Insights on Maharashtra's Self-Redevlopment Push 

Sharing his expert take on Maharashtra government's redevlopment push, Sheeshram Yadav, MD at Yugen Infra said," On paper, this definitely makes projects more appealing; however, many societies will still face challenges, including issues of funds and lack of professional guidance. Unless softer financing, smoother approval process, and expert hand-holding for projects are put in place, execution for a whole lot of them may remain a challenge.

"This policy may push a few societies to pursue redevelopment on their own; however, the role of seasoned developers is crucial for timely and well-coordinated redevelopment. Key challenge areas like delayed approvals, ambiguous tax provisions, and paucity of competent support continue to impede real progress," he mentioned.

"Furthermore, for the general public this move open ways to better designed buildings with better safety and modern amenities like elevators, parking, and greens concerned with enhancing their lives," he added. 

Key Reccomendations Unde Self-Redevolpment Push

The panel, chaired by BJP MLC Pravin Darekar, submitted its suggestions to Maharashtra Chief Minister Devendra Fadnavis at Vidhan Bhavan. The key highlight is an incentive of 10 per cent extra carpet area for each society member if they undertake self-redevelopment.

This extra area will be offered to members beyond their proposed entilment, incluing balconiees without  additonal premium payable to the state administration.

For cluster projects, each resident could get at least 376.73 sq ft of living space, according to the recommendations. Commercial units within societies and slum dwellers in such projects would also be accommodated suitably.

The proposed benefit is only for the accommodation of existing members and cannot be sold or transferred to outsiders. It is also suggested that this incentive will be over and above the permissible Floor Space Index (FSI) limits to further encourage societies.

Apart from specific socities, the committee recommends that  housing scoities can ccome tgether under cluster redevelopment. The minimum cluster redevelopment required drop down to 2,000 sq m  from the usua 4,000 sq m. This alteration is expected to aid smaller socities, who would are unable to indiviaully qualify for such area requisites. This allows rooom for an more inclusive apporach to redevolpment efforts.

Maharashtra CM Devendra Fadnavis said, "The proposal based on the suggestions of the departments will be approved by the cabinet. The govt will issue a decision regarding the recommendations made by the study group and a report on the work done in this regard will be submitted in the upcoming session. These important decisions will help in accelerating the work of pending housing projects in the state and help Mumbaikars realise their dream of beautiful and big houses."