The Latest Trend of Self Redevelopment of Societies in Mumbai

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The Latest Trend of Self Redevelopment of Societies in Mumbai

The Latest Trend of Self Redevelopment of Societies in Mumbai
 
Looking to the long list of difficulties faced by the residents of many of the Mumbai societies in Redevelopment of their property, this latest step has been taken by the Government of Maharashtra. This suffering of residents is caused in most of the cases by the delays from the builder's side. From now onwards many of the societies in this city will choose the option of redevelopment on their own. They will appoint the consultant to manage their redevelopment project, an architect and a contractor also will be appointed by the society itself.

For their redevelopment project, a considerable amount of funding will be given as a loan by the Mumbai Co-Operative Bank. All these activities will take place under the close supervision and permissions by various authorities of the Government of Maharashtra like Maharashtra Housing and Area Development Authority and the Brihanmumbai Municipal Corporation (BMC).

According to social activists, this is happening because of the lack of trust in the real estate industry. More than 100 societies have applied for redevelopment on their own, to the Government of Maharashtra. More than 5,000 redevelopments by builders have to a standstill for many years in the city. This has affected the lives of more than 1 lac families in the city of Mumbai.

Due to these reasons and by the help of the state government this is emerging as the best option for housing society owners. This concept is likely to be followed by other states and cities of India.

By – Yamin Memon (Chief Editor – Bricksyard.com)
 

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