Government Housing Society Self-Redevelopment Incentives Await Action
Despite the state government's enthusiastic announcement of incentives aimed at encouraging self-redevelopment among aging housing societies, there has been a noticeable lack of progress in this endeavor. Even after a span of four months since the government's declaration in May, the state cooperation department is yet to receive a single proposal for self-redevelopment. The government had promised that housing societies older than 30 years without conveyance deeds could swiftly obtain deemed conveyance within a month through the state cooperation department if they opted for self-redevelopment. The sluggish response can be attributed to the financial challenges commonly faced by these aging societies and the ongoing uncertainty stemming from financial institutions regarding the process of self-redevelopment.
While anticipation was high for an influx of proposals, particularly from cities like Pune and Mumbai, where numerous old housing societies had expressed interest in self-redevelopment, none have surfaced so far. Nevertheless, the cooperation department has expressed its readiness to offer assistance to any housing societies grappling with issues related to deemed conveyance. Conveyance deeds are pivotal as they bestow land ownership upon housing societies, which is a fundamental prerequisite for successful redevelopment initiatives. Critics, including members of the state housing federation, are emphasizing that for these self-redevelopment proposals to become a reality, the government needs to address the pressing financial hurdles and seek to clarify the intricacies surrounding self-redevelopment in collaboration with financial institutions. Additionally, the grievance redressal portal, already prepared but not yet launched by the state government, has further contributed to the mounting frustration among housing society members who are eager to register their complaints related to the cooperation department.
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