+
Maharashtra Forms Authority to Boost Self-Redevelopment
Real Estate

Maharashtra Forms Authority to Boost Self-Redevelopment

 The Maharashtra government on Monday set up a Self-Redevelopment Authority to help citizens redevelop old buildings without relying on builders, giving a major push to housing societies in Mumbai and the Mumbai Metropolitan Region (MMR).

BJP legislator Pravin Darekar, who also heads the Mumbai District Central Cooperative Bank, has been appointed president of the new body and accorded ministerial status. Darekar has long advocated self-redevelopment through the cooperative banking system.

The decision follows the state cabinet’s approval of the New Housing Policy four months ago, which included the creation of a dedicated support cell and allocated Rs 20 billion for the initiative. The authority will provide end-to-end assistance, including planning, funding, developer selection and execution, enabling societies to manage projects independently, a housing department official said.

While Monday’s order did not detail the authority’s structure, officials indicated that a second notification would clarify membership and functioning.

According to CREDAI-MCHI, more than 25,000 buildings across MMR are eligible for redevelopment, representing a project value of over Rs 300 billion.

Chief Minister Devendra Fadnavis has already waived interest on premiums for self-redevelopment projects until March 2026 and announced subsidised loans for housing societies. He also sought Union Cooperation Minister Amit Shah’s support through the National Cooperative Development Corporation.

Darekar had earlier chaired a study group to examine challenges in self-redevelopment, which recommended granting societies an additional 10 per cent carpet area and extending the scheme to cluster redevelopment. It also proposed reducing the minimum project area requirement from 4,000 sq m to 2,000 sq m.


 The Maharashtra government on Monday set up a Self-Redevelopment Authority to help citizens redevelop old buildings without relying on builders, giving a major push to housing societies in Mumbai and the Mumbai Metropolitan Region (MMR).BJP legislator Pravin Darekar, who also heads the Mumbai District Central Cooperative Bank, has been appointed president of the new body and accorded ministerial status. Darekar has long advocated self-redevelopment through the cooperative banking system.The decision follows the state cabinet’s approval of the New Housing Policy four months ago, which included the creation of a dedicated support cell and allocated Rs 20 billion for the initiative. The authority will provide end-to-end assistance, including planning, funding, developer selection and execution, enabling societies to manage projects independently, a housing department official said.While Monday’s order did not detail the authority’s structure, officials indicated that a second notification would clarify membership and functioning.According to CREDAI-MCHI, more than 25,000 buildings across MMR are eligible for redevelopment, representing a project value of over Rs 300 billion.Chief Minister Devendra Fadnavis has already waived interest on premiums for self-redevelopment projects until March 2026 and announced subsidised loans for housing societies. He also sought Union Cooperation Minister Amit Shah’s support through the National Cooperative Development Corporation.Darekar had earlier chaired a study group to examine challenges in self-redevelopment, which recommended granting societies an additional 10 per cent carpet area and extending the scheme to cluster redevelopment. It also proposed reducing the minimum project area requirement from 4,000 sq m to 2,000 sq m.

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code