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State to rate developers on financial standing and amend Slum Areas Act

With several Slum Rehabilitation (SRA) scheme projects stuck due to financial crunch faced by developers, the Maharashtra government has now decided to amend the Maharashtra Slum Areas Act, 1971, and bring in stricter conditions for developers. The government has proposed that it will now rate developers, who want to participate in SRA schemes, on the basis on their financial standing.

The number of projects approved under the Slum Rehabilitation Authority (SRA) is dismal considering that authority was formed in 1995. According to the Economic Survey of Maharashtra 2015-16, merely, 1,512 that will rehabilitate 1.62 lakh slum dwellers have been under taken since its inception.

According to senior government officials, the developers will be rated on the financial discloser they file at the time of registering with the SRA. The official said that if a builder’s financial strength is around Rs 1,000 crore and the project that he is vying for involves an expense of over Rs 2,000 crore, that developer will not be eligible to participate in the project. As per the proposal, the rating of a developer will be calculated as per the financial statement and a limit will be drawn as to how big or small slum cluster can the developer undertake under the SRA scheme.

“We have proposed an amendment where developers would be rated as per their financial disclosures in ‘Annexure III’ of SRA scheme. This proposed amendment under the Slum Act will bring efficiency and time-bound redevelopment of slum clusters,” confirmed Shreekant Singh, principal secretary, housing department. The housing department has put forward the proposal before the Law and Judiciary department to seek the proposal before getting a go-ahead from the state government.

As per the SRA scheme, a developer has to allot tenements admeasuring 269 square feet to eligible slum dwellers, who have been living in that slum prior to January 2000. In lieu of allotting homes to eligible slum dwellers, the developer gets additional floor space index (FSI) on the same plot and can sell the additionally constructed homes in the open market

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