Redeveloping old housing societies’ policy does not serve right purpose!
New policy formed for redevelopment of old housing societies does not seem to work good as it was planned.
Builders Association of India (BAI) is not happy with the policy want Maharashtra Chief Minister‘s intervention for the same.
Projects to be redeveloped in Maharashtra Housing and Area Development Authority (Mhada) layouts have been stopped for time being since September as the new policy is not practically possible.
The new policy talks about area sharing formula based on 2:1 ratio.
There is also a demand by the builders to accept a premium basis policy under DC Regulation 33(5)2-c-(ii).
Source: The Economic Times
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