Maharashtra Forms Authority to Boost Self-Redevelopment

03 Oct 2025 CW Team

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.

Equipment

12 Dec 2025

Escorts Kubota Unveils BS V Next-gen Construction Range at Excon 2025

Escorts Kubota (EKL), one of India’s major engineering groups in the agricultural and construction equipment sectors, unveiled its latest BS V–compliant construction machinery line-up at Excon 2025. The refreshed portfolio underscores the company’s push toward application-driven, high-productivity solutions that reduce ownership costs and meet the needs of India’s expanding infrastructure landscape. With demand rising across urban development, industrial logistics and mining, the new range aims to deliver higher performance, durability and operator comfort.In the earthmoving segment, E..

ACE and Kotak Mahindra Bank Join Hands to Boost Backhoe Loader Financing

Action Construction Equipment (ACE), the world’s largest Pick-n-Carry crane maker and a leading manufacturer of material handling and construction equipment in India, has entered into a Memorandum of Understanding with Kotak Mahindra Bank to enhance the availability of flexible financing options for backhoe loader customers across the country.The collaboration aims to support contractors, infrastructure companies, entrepreneurs, SMEs, and emerging businesses by offering smoother access to credit through customised loan schemes, quicker turnaround times, and the extensive footprint of Kotak M..

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..