PUNE: Pravin Darekar, chairman of the new Self-Group Redevelopment Authority (SGRA), announced on Sunday that self-redevelopment is increasingly advantageous for property owners. The initiative is gaining traction in Mumbai, and he encouraged more housing societies in Pune to consider it.
Speaking to reporters at a seminar hosted by the Pune District Cooperative Housing Societies and Apartments Federation, Darekar highlighted the formation of a dedicated authority to promote self-redevelopment. He noted that the state cooperative bank and various district banks are willing to provide loans for such initiatives.
“Many private builders are obtaining loans at very high rates from private banks. Self-redevelopment can be financed at nearly half the interest rates by applying to government-run banks,” Darekar remarked.
So far, around 1,600 self-redevelopment proposals have been submitted to the state government, with 46 approved and 16 housing societies successfully redeveloped in Mumbai.
Darekar asserted that self-redevelopment is essential not only in major cities like Mumbai, Pune, and Nashik but also for properties in tehsils. Many housing societies in these areas are approximately 25 years old and can take advantage of self-redevelopment options.
The authority aims to streamline the redevelopment process for older buildings, with the state housing authority, Mhada, serving as the coordinating body for these projects.
During self-redevelopment, housing societies manage the process themselves instead of hiring builders. They engage project management consultants, architects, and contractors, ensuring that the benefits from the project are shared among individual members and the society rather than going to a developer.
