Maha govt approves amnesty scheme for stuck projects
Real Estate

Maha govt approves amnesty scheme for stuck projects

The Maharashtra government approved an amnesty scheme to revive the stuck slum redevelopment schemes in Mumbai, under which financial institutions registered with the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), National Housing Bank (NHB), and financed stuck schemes will be allowed to take over the stalled projects.

More than 500 slum redevelopment projects are stuck, and the state government has plans to revive these projects to ensure housing to all and the loss-making financial institutions can recover their money.

The developers taking over these stuck projects should construct affordable homes in the sale component. The Slum Rehabilitation Authority (SRA) was implemented by the Maharashtra government about three decades ago to make Mumbai slum-free.

The authority allows private developers to rehabilitate slum dwellers residing in particular areas. In return for the rehab component, the developer is granted an additional Floor Space Index (FSI) as an incentive to commercially sell flats, also known as the sale component, and make a profit.

The state government approved the amnesty scheme allowing financial institutions to take up the redevelopment of stuck projects. Other developers were also called to construct affordable homes in the sale component of stuck projects.

The SRA issued a public notice inviting interested financial institutions and developers to come forward and bid to take over the construction work of the stuck projects under the amnesty scheme. The deadline to apply is between 7 June and 21 July.

The demonetisation, Covic-19 pandemic, and the overall slowdown of the economy are some of the reasons for the delay in projects.

Many financial institutions have approved finance for slum rehabilitation schemes. However, the concerned developers have failed to complete the rehab component in the schemes and to pay transit rent to eligible slum dwellers. Considering the interest of slum dwellers at large and financial institutions having the approval of RBI, SEBI, and NHB will be allowed to come forward for the completion of schemes to which they have granted finance. Those financial institutions shall be in the Letter of Intent (LoI) of such a scheme as co-developer or lender.

According to data, there are around 517 stuck slum rehabilitation schemes in the city and should be brought back on track to ensure that slum dwellers get homes.

Image Source

Also read: Maharashtra’s amnesty scheme to benefit 523 stranded slum projects

The Maharashtra government approved an amnesty scheme to revive the stuck slum redevelopment schemes in Mumbai, under which financial institutions registered with the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), National Housing Bank (NHB), and financed stuck schemes will be allowed to take over the stalled projects. More than 500 slum redevelopment projects are stuck, and the state government has plans to revive these projects to ensure housing to all and the loss-making financial institutions can recover their money. The developers taking over these stuck projects should construct affordable homes in the sale component. The Slum Rehabilitation Authority (SRA) was implemented by the Maharashtra government about three decades ago to make Mumbai slum-free. The authority allows private developers to rehabilitate slum dwellers residing in particular areas. In return for the rehab component, the developer is granted an additional Floor Space Index (FSI) as an incentive to commercially sell flats, also known as the sale component, and make a profit. The state government approved the amnesty scheme allowing financial institutions to take up the redevelopment of stuck projects. Other developers were also called to construct affordable homes in the sale component of stuck projects. The SRA issued a public notice inviting interested financial institutions and developers to come forward and bid to take over the construction work of the stuck projects under the amnesty scheme. The deadline to apply is between 7 June and 21 July. The demonetisation, Covic-19 pandemic, and the overall slowdown of the economy are some of the reasons for the delay in projects. Many financial institutions have approved finance for slum rehabilitation schemes. However, the concerned developers have failed to complete the rehab component in the schemes and to pay transit rent to eligible slum dwellers. Considering the interest of slum dwellers at large and financial institutions having the approval of RBI, SEBI, and NHB will be allowed to come forward for the completion of schemes to which they have granted finance. Those financial institutions shall be in the Letter of Intent (LoI) of such a scheme as co-developer or lender. According to data, there are around 517 stuck slum rehabilitation schemes in the city and should be brought back on track to ensure that slum dwellers get homes. Image Source Also read: Maharashtra’s amnesty scheme to benefit 523 stranded slum projects

Next Story
Infrastructure Urban

India’s Fastest-Built Structure!

Founded in Greater Noida in 1999, EPACK Prefab, one of India’s leading pre-engineered building (PEB) companies, has constructed India’s fastest-built factory in a record time of just 150 hours. This factory will act as EPACK’s assembly unit and is located in Mambattu, Andhra Pradesh. It spans 151,000 sq ft and was built with a budget of Rs.19 million, with a total structure tonnage of 496 million tonne (mt).Rise of prefabricated buildingsPrefabricated buildings, commonly known as prefabs, are structures made up of components such as walls, roofs and floors that are produced in a factory...

Next Story
Technology

3D Sustainable Construction

Founded in 2016 by IIT-Madras alumni, Tvasta is pioneering the transformation of construction through 3D printing. By creating  an end-to-end technology stack,  the company focuses on faster, cost-effective and sustainable solutions, redefining industry practices and setting benchmarks for innovative, green construction methods. VS Adithya, CEO and Co-Founder, Tvasta, shares his vision, journey and long-term goals in conversation with  R SRINIVASAN. Excerpts:Please share the Tvasta journey, the source of inspiration, why this name was chosen and how the funding ha..

Next Story
Infrastructure Urban

With a strong international presence, we are poised for further expansion

EPC company Varindera Constructions (VCL) has completed 31 construction projects in the past 10 years with 20 ongoing projects in India and overseas as in March 2024. Varinder Kumar Garg, Chairman, shares factors behind the company’s stellar performance in its residential, commercial, metro, railway and institution projects and the material magnitude of the Hasimara Air Force Station project, which plays a key role in deployment and operations of Rafale jets in India, as well as his perspective on the latest technologies, sustainability, skill shortage and the company’s internati..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000