Redevelopment Projects Set for Acceleration with New Authority
The Maharashtra Society Welfare Association (MSWA) has submitted a proposal to the state housing minister demanding the establishment of a regulatory authority that can monitor and regulate redevelopment projects, especially housing societies.
The Maharashtra Society Welfare Association has stated in the proposal that the new regulatory authority will not only oversee the redevelopment of housing societies existing on private land but will also cover the structures of MHADA, SRA, and cessed buildings under the government.
Despite the establishment of the Real Estate (Regulation and Development) Act, 2016, and the MahaRERA authority, citizens argue that the Act fails to include provisions for the regulation of redevelopment projects.
The redevelopment projects have been exempted from registration under Section 3(2)(c) of the RERA Act, stating that it neglects the rights and interests of existing members in these projects. Citizens and homebuyers express frustration and anxiety that the absence of regulation for redevelopment projects has created unrest among existing members who have invested their life savings in these projects.
The letter by the MSWA highlights that many redevelopment projects initiated in the 1990s under the Unified Development Control and Promotion Regulations (UDCPR) for Maharashtra State are currently stalled at various stages, causing further concern among stakeholders.
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