MUMBAI: Chief minister Devendra Fadnavis on Monday said his government would support and encourage self-redevelopment of housing societies, a phenomenon in which residents keep builders out of the equation and instead appoint a contractor and project management consultant to execute the project.All profits go to the society and its members instead of the developer.
Reacting to a series of stories in TOI on this trend gradually picking up in Mumbai, the chief minister said he has held several meetings with the Mumbai District Central Cooperative Bank (MDCCB) to fund such projects.
The bank is the first to grant loans for self-redevelopment of slums and dilapidated cessed buildings and housing societies. Early this year, it sanctioned Rs 75 crore and gave in-principle approval to sanction Rs 780 crore to redevelop 19 housing societies.
Fadnavis told TOI that the government could also come up with a policy framework to push for self-redevelopment. But, he said, municipal corporations will have to take a decision on whether to offer tax breaks to such projects.