Housing Minister of Maharashtra Atul Save is working to revitalize slum rehabilitation and delayed housing projects

 Housing Minister of Maharashtra Atul Save is working to revitalize slum rehabilitation and delayed housing projects

Maharashtra real estate: Based on information supplied by the organization, over 7,700 real estate projects that were filed with the Maharashtra Real Estate Regulatory Authority (MahaRERA) in 2023 have fallen through due to delays. As a result, apartment builders are unable to promote, advertise, or close deals on approximately 7,700 properties.

Mumbai real estate update: The government intends to resurrect more than 500 abandoned slum rehabilitation projects in Mumbai. Affordable housing must be built as one of the requirements for developers interested in taking on the projects.

Atul Save, the housing minister for the state, stated during a gathering in Mumbai hosted by the Maharashtra Chamber of Housing Industry and the Confederation of Real Estate Developers' Associations of India that the government is striving to revitalize residential developments that have become stagnant in the state in addition to a number of slum rehabilitation projects.

More than 7,700 real estate projects that were registered with the Maharashtra Real Estate Regulatory Authority are said to have fallen through. This implies that builders are unable to market, promote, or sell units in any of the 7,700 projects.

According to Save, the government is making an effort to pick up where it left off with the reconstruction of Mumbai's impoverished neighborhoods. During the October 19 ceremony, Save said, "I gave instructions the CEO of the Slum Rehabilitation Authority (SRA) to put together a list of such stuck projects as well as make decisions case by case to make certain these projects are revived."

Even now, between 50 and 60 percent of Mumbai's population lives in slums, so the housing market has a lot of promise. As a result, I anticipate that developers will take affordable housing into account to make sure all societal segments are served. In the event of any problems, the government is there to assist," he said.

The Maharashtra government established the SRA about thirty years ago with the declared goal of ridding Mumbai of shantytowns.

The government of Maharashtra made the decision to restart the stalled slum redevelopment projects in Mumbai in 2022, and financial institutions that had previously provided funding for such projects and were registered with the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), and the National Housing Bank (NHB) were invited to participate.

The administration of Mumbai intends to resurrect the more than 500 abandoned slum rehabilitation initiatives. Affordable housing must be built as one of the requirements for developers interested in taking on the projects.

In addition, the state government is working to support self-redevelopment initiatives, in which the relevant housing society takes over and completes abandoned projects.

In May 2023, Devendra Fadnavis, the deputy chief minister, instructed the state administration to expedite the execution of the self-redevelopment strategy that was authorized by the government in 2019.

The state government announced in July 2023 that registered cooperative housing societies choosing self-redevelopment would only have to pay Rs 1,000 in stamp duty for the assignment of apartments in the newly built building to current flat owners, as part of its policy for shelved real estate projects.