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Home NEWS Housing self-redevelopment: Fadnavis meets RBI Governor

Housing self-redevelopment: Fadnavis meets RBI Governor

Leaders of Opposition within the Maharashtra legislature, Devendra Fadnavis and Pravin Darekar, on Thursday met Reserve Bank of India (RBI) Governor Shaktikanta Das to induce him to maintain the self-redevelopment scheme for housing societies the place initiatives are being funded by State and district cooperative banks out of the purview of the industrial actual property initiatives.

In a first-of-its-kind go to by Opposition leaders to an RBI Governor, Mr. Fadnavis submitted a letter of calls for. It mentioned that over 5,800 redevelopment initiatives in Mumbai are mendacity in a point of incompleteness and residents are rendered homeless.

Informing Mr. Das concerning the resolution taken by the Maharashtra authorities throughout his tenure because the Chief Minister, Mr. Fadnavis mentioned, “The government had appointed the Maharashtra State Cooperative Bank as the apex bank for the district central cooperative banks (DCCBs) and the cooperative credit structure in Maharashtra as the nodal agency for successful implementation of the self-redevelopment scheme in the State through DCCBs which also includes providing finance for the projects.”

The BJP chief mentioned that sure circulars from the RBI and the NABARD are are likely to go in opposition to the target of the scheme by treating these initiatives as industrial actual property initiatives. “There is apprehension that if the self-redevelopment scheme becomes dysfunctional, cooperative housing societies will be left entirely to the mercy of builders,” he mentioned.

Mr. Fadnavis urged the RBI governor to maintain these initiatives out of the purview of the industrial actual property.

“Members of cooperative housing societies are benefiting by way of getting additional carpet area and corpus due to the extra FSI benefit. This will also help boost the economy. The government will get sizeable revenue from the project as it is estimated that near about 30% to 40% of the project cost are part of the government revenue i.e. various premiums, taxes and duties etc.,” he added.

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