Pune: New Self-Redevelopment Scheme Clears The Way For Housing Societies In Maharashtra

Pune: Over one lakh housing societies in Maharashtra, including in Mumbai, Thane, Pune, and other districts, have been awaiting redevelopment. These societies, which account for 40% of registered housing cooperatives, can now opt for self-redevelopment under a new initiative launched by the Maharashtra Cooperative Housing Federation and Apartment Federation.

The scheme will offer financial assistance through cooperative banks and ensure that societies can purchase essential construction materials like steel, cement, and electrical equipment directly from manufacturers at discounted rates. Agreements with these companies are being finalized to make materials available at lower-than-market prices, said Suhas Patwardhan, the federation’s chairman.

Patwardhan explained that Maharashtra has over 3.25 lakh cooperative housing societies, of which 1.3 lakh are over 60 years old and in urgent need of redevelopment. Until now, lack of financing was the main obstacle for societies wishing to undertake self-redevelopment. To address this, state and district cooperative banks have been authorized to allocate up to 5% of their total assets as loans for housing society redevelopment.

Under the scheme, cooperative banks will provide loans at reasonable rates, while societies will benefit from bulk procurement of construction materials. Additionally, amendments to cooperative department rules have been approved to streamline redevelopment processes. The federation has also requested further changes to simplify implementation.

From 2025, the self-redevelopment initiative will officially begin, with online services made available to society members statewide. This move is expected to revitalize stalled redevelopment projects across Maharashtra.

Care

Care