Self-redevelopment scheme: a Mumbai District Cooperative Bank scheme to redevelop old buildings

The Chief Minister of Maharashtra Devendra Fadanvis launched a Self-redevelopment scheme. The scheme will allow member of the housing societies or chwals to re-develop their old buildings. Self-redevelopment scheme is actually an initiative by the Mumbai District Cooperative Bank. The bank will provide financial support and government will help with other necessities of the redevelopment.

Mumbai has thousands of such old buildings and chawls which are more than 40-50 years old and are dangerous. Many societies want to redevelop their apartments but are constraints due to lack of finance and support. Some of them have already redeveloping their societies with the help of private builders but they are stuck due to various issues.

The Mumbai District Cooperative Bank and Maharashtra government believes that the Self-redevelopment scheme will reduce the hassles faced by the residents because of developers and builders during the redevelopment.

The scheme was launched in an event organized by the Mumbai District Cooperative Bank, the chairman of the bank Pravin Darekar too was present at the event.

How to apply for Self-Redevelopment Scheme and other details:

  • MHADA (Maharashtra Housing and Area Development Authority) along with Brihanmumbai Municipal Corporation (BMC) will form a single window system for the applications
  • Interested flat/society/chawl owners need to apply at MHADA/BMC single window system
  • MHADA and BMC will help with application procedure and also expedite the procedure for various permissions and approvals
  • Once approved Mumbai District Cooperative Bank will provide required funds and deposit funds to the applicants accounts
  • MHADA and Mumbai District Cooperative Bank will also conduct workshops for Self-Redevelopment loan policy, permissions and procedures
  • MHADA will create a panel of architects, consultants and contractors to supervise the re-development

The Self-Redevelopment Scheme will help citizens to re-develop their properties without builders and they can avoid hassles, harassment and frustration caused by some of the builders. They can choose their own architects, consultants and contractors and get the redevelopment done on-time. More than 2000 projects are halted because builders left the project midway.


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