Here Is All That You Need To Know About SRA Flats
The Maharashtra state government started a systematic slum restoration program and established the Slum Rehabilitation Authority, or SRA, in December 1995. This was to offer suitable homes to the urban poor living in the slum sections of Mumbai via SRA Consultants In Mumbai & Thane.
The concept was to exploit the land as a resource, give slum inhabitants SRA Mumbai apartments, and then sell any surplus tenements on the open market. New rehabilitation projects are still being created through public-private partnerships, and the saleable FSI is utilized to recoup costs and generate profit for the developer.
SRA Flats:
Tenements also referred to as SRA flats, are provided to slum dwellers by the Slum Rehabilitation Authority, or SRA. Tenements that builders offer for sale on the marketplace and those that a slum dweller receives in exchange for giving up his present abode are the two main types of SRA Mumbai apartments.
How to Buy The Flats?
There are a few standards and requirements that must be fulfilled while buying or selling SRA Mumbai flats:
● The recipient is subject to a lock-in term that prevents him from selling the assigned SRA Mumbai apartment for ten years. According to FPJ, the Maharashtra Cabinet subcommittee has accepted a proposal to shorten the period required to sell SRA Mumbai flats from 10 years to 3 years following revised regulations for SRA in Mumbai 2021. After three years of hutment destruction, the SRA Mumbai apartments may be sold.
● An SRA Mumbai flat may only be purchased by the holder of a domicile certification. Additionally, the household should not own any other residences in the suburbs of Mumbai.
● The initial vendor is not permitted to acquire any SRA Mumbai apartments.
● An individual of the lower-income group (LIG) or the financially deprived section (EWS) must acquire an apartment in an SRA building.
● The husband and wife’s names will both be on the selling document for the apartment in the SRA building. The acquisition of SRA apartments is not permitted by partnership businesses or organizations.
Things To Know Before Buying:
● To ensure that you are buying from the actual owner, check the title paperwork for the SRA Mumbai apartment. The vendor should be the only person listed on the deed.
● Consult with SRA Consultants In Mumbai & Thane to verify the SRA Mumbai property papers and title deed.
● Check to see if the owner has a bank release certification. As a result, the seller will be obligated to settle the debt.
● Only a properly stamped sale document may transfer ownership of the real estate. Remember that it is illegal and unenforceable to use a power of attorney to purchase or sell properties.
The SRA is under the direction of the CEO. The organization’s chairwoman serves as Maharashtra’s chief minister. The remaining nine members of the Authority include the state housing minister, the secretary of urban development, the superintendent of the Municipal Corporation of Greater Mumbai, and the senior secretary of the urban town planning department.
The administration has also established a GIS platform via which individuals and other key stakeholders may access data acquired by the Brihanmumbai Municipal Corporation to achieve the city’s goal of becoming slum-free by 2022. These maps include many layers of data, including administrative ward borders and scheme information according to HUT ID, village, taluka, ward, cluster, and landmark features.
