The present political turmoil in Maharashtra has become a matter of concern for real estate crusaders who were pushing the concept of self-redevelopment. The Maha Vikas Aghadi government was in the process of formulating its order which promoted and encouraged self-redevelopment by announcing benefits to housing societies, but now, experts fear, the process will be put on the back burner.

Confirming the apprehension, advocate Shreeprasad Parab, director at Maharashtra State Housing Federation Limited, said, “The Maharashtra State Housing Federation Ltd was pursuing the state government to implement its order dated September 13, 2019 but with today’s political scenario it seems this will be dormant for now. We were also awaiting the state government’s directions to banks to amend their policies for funding self-redevelopment projects. Initially, district central banks were insisting on 100 per cent consent  for self-redevelopment which is against the provisions of law as DCPR-2034, UDCPR-2020 and housing laws provide for 51 per cent consent. Similarly, district banks were also insisting on English Mortgage, a type of mortgage executed at the time of British raj which is not practical in today’s time.”