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A New Ray of Hope for Self-redevelopment Projects in Mumbai

As per the June 2022 notification of RBI, the District Center Co-operative Bank and State Co-operative Banks are allowed to grant finance to Commercial Real Estate – Residential Housing within the existing aggregate housing finance limit of 5% of that total asset.

Due to this notification by RBI, Mumbai Bank as well as Maharashtra State Co-operative Bank & Other District Co-op Banks will be able to grant loans to housing societies, who are opting for Self-Redevelopment.

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A must-read article for housing societies in Mumbai planning for redevelopment or self-redevelopment. Consult an expert to understand the implications of rising cost of construction.

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