July 22, 2025: The self-redevelopment model for cooperative housing societies in Maharashtra is steadily transforming into a people-led movement, owing to rising public engagement and increased institutional backing, said BJP MLC and Chairman of the Mumbai District Central Cooperative Bank, Pravin Darekar.
Speaking at a self-redevelopment guidance camp held in Vasai, Palghar district, on Sunday, Darekar underlined that the process is less about technical hurdles and more about empowering residents to take ownership of their housing futures.
“It is not merely a construction exercise—it’s about self-reliance. With appropriate financial assistance and government support, societies no longer need to depend on private builders,” Darekar explained.
He cited the Mumbai District Bank’s proactive role in promoting self-redevelopment, including the introduction of a dedicated loan policy tailored to support such initiatives. While 20 housing projects have been successfully completed under this scheme, Darekar emphasised that long-term government support remains critical for large-scale adoption.
Darekar, who also chaired the Group Self-Redevelopment Study Committee, has submitted a detailed report to the state government. Drawing parallels with the transformative Slum Rehabilitation Authority (SRA) initiative, he expressed confidence that the self-redevelopment model could similarly reshape urban housing across Maharashtra.
The Mumbai District Bank has so far received over 1,600 proposals from societies keen on undertaking self-redevelopment. To tackle funding gaps, Darekar announced additional financial backing of Rs 1,500 crore from the State Cooperative Bank and Rs 1,000 crore from the National Cooperative Development Corporation (NCDC).
In a major development, the Maharashtra government has given in-principle approval for establishing a dedicated Self-Development Finance Corporation. This new body is expected to streamline financing processes and significantly accelerate the implementation of self-redevelopment projects across the state.
Source: The Free Press Journal
