+91 9920707485

info@selfredevelopers.com

Self-Redevelopment in Mumbai

If the society members decide to undertake redevelopment of the housing society themselves, without the help of a Builder, it is called Self Redevelopment.

Since 2018, the Maharashtra Government has started allowing housing societies in Mumbai to undertake redevelopment of old buildings in their own hands, under the Self Redevelopment Scheme.

Why should you opt for Self Redevelopment

Today, there are more 5800 stalled redevelopment projects in Mumbai city, which has affected more than 1.25 lac families.

These projects are stalled due to various reasons ranging from lack of funds to permission issues to disputes in carpet area allotment. More often than not, these issues are directly related to the builder associated with the project.

For Society members, taking up Self redevelopment of their housing society keeps the members safe from any risks arising from Builder mismanagement. This is possible as the overall control of the project including the ownership of the land is always in the hands of the society.

Self Redevelopment Scheme Mumbai

Under the Self Redevelopment Scheme Maharashtra Housing and Area Development Authority (MHADA) has set up a single window system to enable quick approvals for required permissions. It has also been given a directive to create a panel consisting of project management consultants, architects, contractors, which the Self Redevelopment applicants can choose from.

Finance by MDCC Bank

The MDCC Bank is the only cooperative bank in Mumbai authorized to provide loans for self redevelopment projects in Mumbai.

The bank provides up to 95% of the project finance cost. The loan is provided at 12.5% rate of interest. Generally, the Society’ contribution of 5% can be generated from the society members who would like to get an extra flat or buy extra space in the redeveloped building.

To get finance from MDCC Bank, the society’s plots like the garden, parking area and saleable flats have to be mortgaged with the bank. But flats owned by the individual members and their rights are not mortgaged.

To get finance from MDCC Bank, the society’s plots like the garden, parking area and saleable flats have to be mortgaged with the bank. But flats owned by the individual members and their rights are not mortgaged.

It is, however, important to note that the bank will provide its part of finance only after the society members have collected their part. In cases where the society members find it difficult to generate the 5% amount, experienced Project Management Consultant like Province PMC LLP. support in getting loans from NBFCs and private Investors.

Province PMC LLP. with the support of seasoned empanelled professionals ensures there are no delays in getting approvals and the self-redevelopment process is done right.

Province PMC LLP. guides you and manages each and every step of the self-redevelopment process right from arranging finances, getting the designs made as per the member’s requirements, getting the government approvals, managing the quality during the construction phase till the successful completion of the self redevelopment project and even selling the inventory of saleable flats to pay off the bank loan

contact us

company information

  • +91 9920707485 / +91 9022339174 / +91 8369943352
  • Province PMC LLP 8, Ground floor, Suraj Building, Jagannath Bhatankar Marg, Elphinstone Road, Prabhadevi, Mumbai - 400013
  • info@selfredevelopers.com