Maharashtra state cooperative bank set to fund redevelopment of housing colonies

May 29, 2023

PUNE: The Maharashtra State Cooperative (MSC) Bank has announced loans for old housing societies planning to go in for self-development and allocated Rs1,950cr for the same in the 2023-24 financial year.

The bank is the nodal agency for self-redevelopment projects in the state and is expected to announce the criteria for availing such loans next week. Vidyadhar Anaskar, administrator, MSC Bank, said that the allocation is expected to benefit at least 50 old housing societies.

“We had received 100 proposals from housing societies in this regard,” said Anaskar. The proposal for loan sanction was placed before deputy chief minister Devendra Fadnavis early this month.

Anaskar said that housing societies will be eligible for loans to support redevelopment of old buildings, as well as construction of new residential structures. With the loan component cleared, more societies will implement this scheme. Fadnavis has hinted that he will be reintroducing the GR again to benefit the housing societies.

Advocate Shreeprasad Parab, expert director, the Maharashtra State Housing Federation Limited, told TOI that many old housing societies were waiting for funds to commence self-redevelopment. The MSC Banks’ announcement will help many such proposals in the state.

“The housing societies that are 30 years old and eligible as per the Development Control and Promotion Regulation 2034 or Unified Development Control and Promotion Regulation 2020 and also complying with the process of Section 79A guidelines will be allowed to submit applications for loans for their self-redevelopment projects,” said Parab. The federation members further added that the state government has decided to grant deemed conveyance within a month to such housing societies.

Recently a 37-year-old housing society in the city had to wait for a whole year to get the required permissions to carry out self-redevelopment of their housing society.

Old housing societies in the city keen on self-redevelopment said that the entire process was mostly dependent on finance. “Banks providing loans will help such old societies,’’ said a state housing federation member.

  • Published On May 29, 2023 at 02:00 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Leave a Comment