September 4, 2025: While redevelopment projects across Mumbai typically provide residents with only 35–40% additional space, self-redevelopment initiatives are proving far more rewarding. In some cases, residents have gained up to 250% additional area along with substantial corpus funds.
Currently, more than 1,600 buildings in Mumbai are pursuing self-redevelopment, and the state government has announced the formation of an independent authority to streamline the process.
Noted architect and former MLA Chandrashekhar Prabhu, who championed the concept, emphasized that self-redevelopment is the best solution to overcome delays often caused by developers. He added, “This is the only option to break the monopoly of developers,” while regretting that planning authorities are still not acting swiftly on proposals.
Financial assistance for these projects has been extended by Mumbai Bank. However, several proposals had stalled earlier due to a lack of funds. Mumbai Bank Chairman and Legislative Council Member Praveen Darekar followed up in 2019, leading to a separate government decision supporting self-redevelopment. Although implementation was delayed for years, a state-appointed committee under Darekar has now instructed the Housing Department to create an action plan. Key provisions include a 10% increase in carpet area for self-redevelopment projects and concessions in premium payments.
So far, 15 projects have been successfully completed. The most striking example is the Nandadeep Cooperative Housing Society in Vile Parle, where residents exchanged 475 sq. ft. flats for 1,400 sq. ft. homes—an increase of 252%—along with a corpus fund of Rs 37 lakh.
According to Yatin Naik of Mumbai Bank’s Self-Redevelopment Cell, “More and more cooperative housing societies are taking interest in it as the state government is also favorable towards self-redevelopment.”
Other societies such as Navghar Purvarang in Mulund, Shwetambara in Charkop, Chitra in Chembur, and Jayakunj in Borivali have also benefitted significantly. Many societies are executing projects through project management consultants, with funding sourced from either savings or bank loans.
Source: Loksatta
