Maharashtra: Eknath Shinde Introduces New Policy to Protect Residents in Redevelopment Projects

THANE: In a bid to prevent redevelopment projects from stalling midway and to protect residents from displacement without compensation, the state housing department is framing a new policy. Deputy Chief Minister Eknath Shinde announced on Saturday that developers will be required to deposit three years' rent before taking up any redevelopment work.

Shinde highlighted the issues faced by residents in redevelopment projects, stating, “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.” To address these concerns, the new policy mandates that builders must deposit three years' rent upfront. Additionally, the project execution capability of developers will be assessed simultaneously before approval.

Shinde emphasized the state's commitment to reviving stalled redevelopment projects. “We are aligning with cash-rich government agencies that have a reputation for completing projects on time. Through combined investment with private developers, we are expecting to raise Rs 50 lakh crore over the next five years and construct 35 lakh homes in the state,” he added. Shinde, who also heads the housing department, noted that since taking over, Mhada has started working on a pioneering housing policy for senior citizens, possibly making Maharashtra the first state in the country to prioritize this segment.

In addition to the senior citizen housing policy, there are plans to develop supply in the affordable housing segment. This initiative aims to benefit sections such as working women and mill workers. Furthermore, rental homes will be made available for migrant workers, as open-market rates are often unaffordable for this group.

The new policy is expected to bring more transparency and accountability to the redevelopment process, ensuring that residents are not left in the lurch. Shinde's announcement was made during a lottery function for over 5,000 Mhada flats from the Konkan region in Thane, highlighting the state's ongoing efforts to improve housing conditions for its residents.