+
Maharashtra: 150 Housing Societies Secure Cooperative Bank Loans for Redevelopment
ECONOMY & POLICY

Maharashtra: 150 Housing Societies Secure Cooperative Bank Loans for Redevelopment

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.

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.

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?