Hey there, folks! Today we’ve got some exciting news for all you housing society members in Maharashtra. According to Patwardhan, there are over 3.25 lakh cooperative housing societies in the state, with a whopping 1.3 lakh of them being over 60 years old and in desperate need of redevelopment.
But guess what? Lack of financing is no longer going to be a hurdle for these societies. State and district cooperative banks have been given the green light to allocate up to 5% of their total assets as loans for housing society redevelopment. How cool is that?
Under this new scheme, cooperative banks will offer loans at reasonable rates, and societies will benefit from bulk procurement of construction materials. Plus, there have been some amendments to cooperative department rules to make the redevelopment process smoother. The federation is also pushing for more changes to make implementation even easier.
Starting in 2025, the self-redevelopment initiative will kick off officially, with online services being made available to society members statewide. This is expected to breathe new life into stalled redevelopment projects all across Maharashtra.
So, if you’re a member of a housing society in Maharashtra, get ready for some big changes coming your way soon! Stay tuned for more updates on this exciting development.
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