Maha govt approves amnesty scheme for stuck projects

The government of Maharashtra approved an amnesty scheme to revive stalled redevelopment plans of Mumbai's slums, including financial institutions registered with the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), National Housing Bank (NHB), and financed stalled schemes take over the stalled projects.

More than 500 slum redevelopment projects are stuck and the state government plans to revive these projects to ensure housing for all and help the loss-making financial institutions get their money back.

The developers taking over these stalled projects need to build affordable housing in the sales component. The Slum Rehabilitation Authority (SRA) was established by the government of Maharashtra about three decades ago to clear the Mumbai slum.

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