Self-Redevelopment Will Transform Mumbai: CM Devendra Fadnavis

Three-Year Interest Waiver on Premium for Self-Redevelopment

Mumbai : Witnessing the self-redevelopment of the Shwetambar Housing Society in Charkop has reinforced the belief that self-redevelopment can change Mumbai’s landscape. Chief Minister Devendra Fadnavis emphasized that self-redevelopment is a path to self-reliant growth and pledged to build a self-sufficient Mumbai through this initiative. He also announced a three-year interest waiver on the premium amount for self-redevelopment proposals submitted by March 2026.

The inauguration and key handover ceremony of the self-redeveloped project of Charkop Shwetambar Cooperative Housing Society, funded by the Mumbai District Central Cooperative Bank, was attended by CM Devendra Fadnavis, Union Minister of Commerce and Industry Piyush Goyal, Mumbai District Bank Chairman and MLA Pravin Darekar, former Minister MLA Yogesh Sagar, MLAs Niranjan Davkhare and Prasad Lad, Chitra Wagh, Bhai Girkar, Sneha Dubey, Shivajirao Nalawade, Mumbai Bank Director Nandkumar Katkar, Thane District Housing Federation President Sitaram Rane, MHADA CEO Milind Borikar, and other dignitaries.

At the event held at Raje Shivaji Maidan in Charkop, society members were handed over keys to their newly redeveloped homes.

CM Fadnavis noted that over the past 25-30 years, Marathi and middle-class families have been forced to move out of Mumbai due to a lack of affordable housing. However, self-redevelopment has instilled confidence that it can transform their lives and help them stay within the city.

The three-year interest waiver on the premium for self-redevelopment projects applies to proposals submitted by March 2026, and further decisions will be taken based on the response, he added.

Fadnavis also stated that all services related to self-redevelopment would be made available online under the Right to Public Services Act. The single-window system for self-redevelopment will be further strengthened, eliminating human intervention to ensure all approvals and facilities are granted digitally. Necessary changes will continue until self-redevelopment operates on auto mode. He firmly stated that those obstructing the self-redevelopment process would not retain their jobs.

Cluster Redevelopment for Chawls: CM Fadnavis

Along with self-redevelopment, CM Fadnavis proposed cluster redevelopment for chawls and slums, assuring full support from the state government. To address the challenges of self and cluster redevelopment, a committee headed by MLA Pravin Darekar will be formed. The recommendations of this committee will be incorporated into the housing policy set to be announced next month.

North Mumbai Will Be a Model City: Piyush Goyal

Union Minister Piyush Goyal highlighted CM Fadnavis’s recognition as an “Infrastructure Man” due to his large-scale infrastructure initiatives. He stated that Fadnavis would be remembered in history as a leader who propelled the state forward. The central government will provide full support for redevelopment projects. Additionally, he announced plans to extend the coastal road from North Mumbai to Virar and introduce two new transport routes between North Mumbai and the upcoming Navi Mumbai Airport, aiming to make North Mumbai a model urban area.

Call for a Housing Development Corporation

In his address, MLA Pravin Darekar emphasized that the self-redevelopment movement is resolving the housing concerns of Mumbai’s middle-class Marathi families. Previously, due to space constraints, many Marathi families moved to Palghar, Vasai, and Kasara. However, self-redevelopment will now allow them to stay in Mumbai with larger homes. He proposed the establishment of a Housing Development Corporation to further support self-redevelopment.

MLA Yogesh Sagar also shared his views at the event, and CM Fadnavis personally inspected the newly redeveloped apartments of the Shwetambar Housing Society.