Maharashtra: 150 Housing Societies Secure Cooperative Bank Loans for Redevelopment

09 Oct 2024 CW Team

Around 150 housing societies in Pune, Mumbai, and Thane have secured loans from cooperative banks to undertake self-redevelopment projects. These societies had been unable to proceed with redevelopment due to a shortage of funds.

Deepak Taware, the state commissioner of cooperation and registrar of cooperative housing societies, noted that these loans would greatly benefit the housing societies. In June, Taware issued a directive allowing cooperative banks to provide such loans, which had previously been unavailable. The directive requires banks to conduct due diligence, including verifying documents and ensuring funds availability, before sanctioning loans. Additionally, banks are expected to comply with RBI guidelines to avoid double financing.

A cooperation department official mentioned that the order would benefit nearly 1,000 redevelopment proposals across the state. Suhas Patwardhan, vice-president of the state housing federation, stated that the decision has aided many housing societies in metropolitan areas. He emphasized the need for sufficient funds to be released for this initiative.

Patwardhan also referred to the state government's reissued 2019 circular, which outlines a single window system, a 4% interest subsidy, additional 10% floor space index (FSI), and concessions in transfer of development rights (TDR) for self-redevelopment of cooperative housing societies.

This move is particularly significant for older societies, such as a 37-year-old housing society in Mumbai that faced a year-long wait to obtain permissions for self-redevelopment. A senior member of the state housing federation highlighted that financing remains a critical factor in such projects, making bank loans a vital resource for older societies.

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