To boost the redevelopment of the cessed and dilapidated buildings, the Maharashtra state government has announced several initiatives.
These include stamp duty waiver, additional 10% floor space index (FSI) for buildings with roads less than nine metre. Assistance in getting a deemed conveyance certificate, registration and property card entry in a timely manner will be provided.
According to an FPJ report, under the new policy, a conveyance certificate will have to be issued within four working days, once a month is completed applying for it. Documents have to be registered within 10 days of modifications and property card entry will have to be done within the next four days.
To help with financing of the self-redevelopment projects, the state government will appoint Maharashtra Central Cooperative Bank and Mumbai District Cooperative Bank as nodal agencies
The state government will also establish a separate authority to monitor the effective functioning of this project.
To address development of over 16,000 old and dilapidated buildings, the Maharashtra government launched a self-redevelopment scheme in 2019. Under this project, housing societies can do self-redevelopment themselves.
See also: 389 Mumbai buildings get extra FSI for redevelopment
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