THANE: The state housing department is developing a new policy aimed at preventing redevelopment projects from halting midway and ensuring residents are not displaced without compensation. Deputy Chief Minister Eknath Shinde announced on Saturday that developers will be required to deposit three years’ rent before commencing any redevelopment work.
Shinde stated, “Some builders initiate redevelopment projects, displace residents from their flats, and either fail to pay rent or delay construction. Occasionally, they even trade rights with other developers, resulting in stalled projects and inconvenience for residents.” He continued, “To counter this, we are implementing a policy requiring builders to deposit three years’ rent upfront. Additionally, their project execution capability will be evaluated before approval.” These statements were made during a lottery event for over 5,000 Mhada flats from the Konkan region in Thane.
The Deputy CM added that the state is dedicated to reviving stalled redevelopment projects, and they are collaborating with financially robust government agencies known for timely project completion. Through combined investments with private developers, the state aims to raise ₹50 lakh crore over the next five years, ultimately constructing 35 lakh homes.
Shinde, who also oversees the housing department, mentioned that since taking on the role, Mhada has been working on an innovative housing policy for senior citizens, potentially making it the first state in the country to focus on this demographic. Furthermore, efforts are underway to increase the supply of affordable housing, ensuring working women, mill workers, and migrant workers have access to rental homes, as open-market rates are generally unaffordable.
