PUNE: Around 150 housing societies in Pune, Mumbai and Thane have got loans from cooperative banks for self-redevelopment.
These housing societies were unable to carry out self-redevelopment work due to funds crunch.
“The loans will now benefit the housing societies,” state commissioner of cooperation and registrar of cooperative housing societies Deepak Taware said on Thursday.
A directive issued by Taware in June allowed cooperative banks to provide loans to housing societies for self-redevelopment.
Previously, housing societies were unable to undertake self-redevelopment due to unavailability of loans. The directive specified that banks should sanction loans after conducting due diligence, including verification of documents and funds availability. Banks must also adhere to RBI guidelines and ensure that there is no double financing.
The order would benefit nearly 1,000 such redevelopment proposals across the state, a cooperation department official said.
State housing federation vice-president Suhas Patwardhan told TOI that the order has come to the aid of many housing societies in metro cities. He said that adequate funds should be released for this initiative.
He further added that the state govt had reissued the 2019 circular that mentions a single window system, 4% interest subsidy, additional 10% FSI, and concessions in TDR for self-redevelopment of cooperative housing societies.
The move is particularly significant for old housing societies. A case in point is a 37-year-old housing society in Mumbai that recently endured a year-long wait just to secure the required permissions for self-redevelopment. “The entire process is heavily dependent on finance. Bank loans are a crucial lifeline for old societies,” said a senior member of the state housing federation.
The Maharashtra State Cooperative Banks had previously announced loans for old housing societies planning self-redevelopment and even made allocations for the financial year. However, the initiative was stalled due to lack of clear guidelines from the RBI.
