Latest Information of Self Redevelopment
Some of highlights of Directives for old and dilapidated buildings for more than 30 years old are as follows:
- one window system
- Smart Notification
- On-call Support
- approvals in 6 months
- increase in FSI by 10%
- Plots falling on road less than 9 mtrs can also go for self redevelopment with 0.4 FSI with no premium.
- 50% rebate for TDR
- discount on premiums to be given
- instalments for paying premiums instead of down payment.
- concessions on LUC tax
- concessions in Stamp Duty
- concession in GST
- reduce in open space deficiency premium
- District central bank to act as nodal agencies
- project to be completed in 3 years
- 4% subsidy on interest, thus now interest will be 8.5% p.a.
- tri partiate agreement to be made between Bank, Society & Contractor
- For quality construction - atleast 3 members committee to be formed - 2 members from society and 1 from Bank.
- special grievance Redressal committee to be formed for any problems/ grievances/ complaints.
- Contractors to be registered
- contractors to submit 3 years balance sheet
There will be huge benefit to the societies opting self- redevelopment and projects will become viable.
