Maharashtra: Eknath Shinde proposes brand-new policy to secure locals in redevelopment jobs; requireds 3 years’ lease upfront from contractors

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Leslie Atkins
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< img src ="https://static.toiimg.com/thumb/msid-124545231,imgsize-50744,width-400,height-225,resizemode-72/maharashtra39s-housing-department-is-introducing-a-new-policy-requiring-developers-to-deposit-three-years39-rent-upfront-for-redevelopment-projects.jpg" alt="Maharashtra: Eknath Shinde proposes new policy to protect residents in redevelopment projects; mandates 3 years’ rent upfront from builders" title="Maharashtra's housing department is introducing a new policy requiring developers to deposit three years' rent upfront for redevelopment projects" decoding="async" fetchpriority="high">

Maharashtra’s real estate department is presenting a brand-new policy needing designers to deposit 3 years’ lease upfront for redevelopment jobs

THANE: In order to avoid redevelopment tasks from stalling midway and secure locals from displacement without payment, the state real estate department is framing a brand-new policy mandating designers to deposit 3 years’lease before using up any redevelopment work, deputy chief minister Eknath Shinde stated on Saturday.

“Some builders take on redevelopment projects, vacate residents from flats, fail to pay rent or delay construction, sometimes even trading rights with other developers, which leads to stalled projects and inconvenience for residents,” Shinde stated. “To address this, we are introducing a policy where builders must deposit three years’ rent upfront while their project execution capability will also be simultaneously assessed before approval,” he stated throughout a lottery game function for over 5,000 Mhada flats from the Konkan area in Thane.

Shinde stated the state was dedicated to restoring stalled redevelopment jobs. “We are aligning with cash-rich govt agencies that have a reputation for completing projects on time and through combined investment with private developers, are expecting to raise Rs 50 lakh crore over the next five years and construct 35 lakh homes in the state,” he included.

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Do you support the brand-new policy needing designers to deposit 3 years’ lease upfront before beginning redevelopment jobs?

Yes, it’s a fantastic concept to secure homeownersNo, it might prevent designers

Shinde, who likewise heads the real estate department, stated after he took control of, Mhada began dealing with a pioneering real estate policy for elderly people, perhaps making it the very first state in the nation to prioritise this sector. In addition, there are strategies to establish supply in the budget-friendly real estate sector, so that areas such as working females and mill employees advantage and rental homes are readily available for migrant employees as open-market rates are typically unaffordable.