In Mumbai, How To Sell An SRA Apartment?

In Mumbai, How To Sell An SRA Apartment?

For the purpose of providing accommodation for persons residing in Mumbai slums, the Maharashtra government established the Slum Rehabilitation Authority (SRA). The plan was to develop the slum land so that residents could build decent homes there, and to use any extra space for other developments to make money. The construction and selling of SRA units are nevertheless subject to a number of regulations. Here is a glimpse of them.

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In 1995, the Maharashtra government introduced a programme for slum restoration. The scheme's goal was to address the issues with slum housing and give decent accommodation to the underprivileged in Mumbai. This programme led to the creation of the Slum Rehabilitation Authority (SRA), which has been striving to redevelop slums.

Describe SRA flats On regenerated slum land, SRA constructs housing units known as SRA flats. Only slums built prior to 2011 are accepted as criteria for rehabilitation. According to industry figures, more than 60% of the population of Mumbai lives in slums.

Various SRA flat types 

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One that is given to a slum resident after they give up their current residence. The developer and the slum resident come to an arrangement for long-term alternate housing in place of their current location. After the project is finished, a registered society is created.

Tenements sold by builders via agreements for sale rather than a free sale on the open market fall under the second type.

How may an SRA apartment be sold in Mumbai?  

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A 3-year lock-in time must pass after the demolition of a hutment, following current regulations, before you may sell an SRA apartment.

Verify that the buyer is in possession of a domicile certificate and that the household does not already own a unit in Mumbai. The purchaser must fall into one of the three groups of economically underprivileged people, those with lower incomes, or people with moderate incomes.

To add their name to SRA's records, the buyer must get a No-Objection Certificate (NOC) from SRA. Stamp duty must be paid for the transfer on a sale deed that is prepared. In the presence of a lawyer, the deed must be registered in the names of the husband and wife.

The title deed (which should only be in the name of the original seller), the property documentation, and the bank release certificate should all be kept on hand.

Visit the portal to see if all information details, including the scheme name, ward name, address, village name, CTS number developer name, & architect name, among others, are available for the SRA scheme in Mumbai.

Keep in mind that it is forbidden to transfer an SRA apartment using a power of attorney.

At the time of transferring ownership of a property, a transaction charge of Rs. 1 lakh or appropriate stamp duty may be assessed.

It is important to remember that businesses cannot purchase or sell SRA apartments.

Neither the buyer nor the original seller will be permitted to complete a transaction in another SRA project after purchasing a house in an SRA building. Additionally, they won't be permitted to apply for a new house under any other taxpayer-funded programme.

Required document list Here is a list of the paperwork you will need to review in order to sell an SRA apartment:       

electricity invoice Approval letter from SRA Buyer and seller copies of PAN and Aadhar cards Sale deed Share certificate for the society No due certificate from the housing society Occupancy certificate of the flat

According to a recent research, Mumbai's slums are home to more than five million people.

The population of Singapore is approximately equal to this figure. According to reports, slums in Mumbai occupy about 7% of the total area. Therefore, the government must adopt a proactive strategy that encourages additional rehabilitation projects in the city.

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