The self-redevelopment of old buildings in Maharashtra will now be expedited as the State government recently instructed its authorities to approve such proposals within three months.
On August 29 this year, the Maharashtra Housing Department released a government resolution stating the same. The GR also states, “Once the resolution is passed by the housing societies with a majority, the competent authority shall issue notice to the landowner or builder to expedite the process of self-redevelopment.”
The government has also appointed cooperative banks as the nodal agency for financing these projects. In Mumbai, the Mumbai District Co-operative Bank has been appointed for the same.