Register slum redevelopment projects by July 31: Maharashtra RERA

Mumbai: All slum redevelopment projects must register with the Real Estate Regulatory Authority by July 31.

In a letter to the Slum Rehabilitation Authority ( SRA), interim chairman Gautam Chatterjee on Monday said it is mandatory for all slum projects to be registered with RERA.

To promote slum redevelopment and to pay for the cost of free housing for slum dwellers, the government offers the land on which a slum is settled for only 25% of the ready reckoner rate as premium. It also offers incentive FSI to the developer who can then build the sale component and make a profit. Slum redevelopment projects in Mumbai are highly lucrative with profit margins varying from 40% to over 100%.

Under the RERA Act, a developer cannot sell flats in a project unless it is registered with the authority within three months of the Act coming into force. The RERA Act was implemented from May 1. There are 1,200 SRA projects in the pipeline.