Curation Team
PUNE: Pravin Darekar, chairman of the new Self-Group Redevelopment Authority (SGRA), on Sunday said that self-redevelopment is proving more beneficial for property owners. The scheme is gaining popularity rapidly in Mumbai, and more housing societies should opt for it in Pune too.
He was speaking to reporters on the sidelines of a seminar organised by Pune District Cooperative Housing Societies and Apartments Federation.
Darekar said that a dedicated authority has been established to promote self-redevelopment. The state cooperative bank and other district banks are forthcoming in providing loans for such projects.
“Many private builders are taking loans at very high rates from private banks. Self-redevelopment can be funded by borrowing with nearly half the interest rates by applying to govt-run banks,” Darekar said.
Around 1,600 proposals for self-redevelopment have reached the state govt, of which 46 have been approved, and 16 housing societies have been redeveloped in Mumbai.
He said that not only big cities like Mumbai, Pune, and Nashik, but self-redevelopment is also needed for tehsil-level properties. Many housing societies in these tehsils are nearly 25 years old and can explore the self-redevelopment option, he added.
Darekar said that the authority will help expedite redevelopment of old buildings, and the state housing authority, Mhada, will act as the coordinating body (nodal agency) for such projects.
While carrying out self-redevelopment, the management of the housing societies does not appoint a builder but redevelops their buildings themselves. They opt for a project management consultant, architect, and contractor. All the benefits accruing from a self-redevelopment project are shared by individual members and the society instead of giving them to the developer.
