SRA flats: Things you should know

In December 1995, the Maharashtra state government began a comprehensive slum restoration plan and established the Slum Rehabilitation Authority (SRA) to offer suitable homes to the urban poor living in Mumbai’s slum neighbourhoods.

Their plan would have been to exploit land as a resource by providing SRA apartments to slum residents and selling the remaining tenements on the open market. New rehabilitation projects are still being constructed through public-private partnerships, with the saleable FSI (or FAR) being utilised to recoup costs and generate revenue for the builder.

What are SRA apartments, exactly?

Slum inhabitants are provided with tenements known as SRA apartments by the SRA. There are two sorts of SRA flats: those that a slum resident is assigned after relinquishing his current residence and those that builders sell on the open market.

Is it possible to purchase SRA flats?

Whenever it comes to purchasing or selling SRA units, the SRA has a set of rules and regulations:

• The recipient is subject to a 10-year lock-in term, which prevents him from reselling the assigned SRA unit.
• The state government is entitled to a part of the sale price if the property is sold after ten years. This part is known as the transaction fee, and it is required just at time of property registration. This equals the stamp duty or Rs 1 lakh, whichever is more.
• Only a person with a domicile certificate can purchase an SRA unit. In addition, the family must not own any other property in Mumbai’s suburbs.
• The original seller is unable to purchase any SRA apartment.
• The purchaser must be from the financially deprived sector (EWS), the lower-income group (LIG), or the middle-income group (MIG) (MIG).
• Both the husband and wife’s names will appear on the sale document. SRA apartments cannot be purchased by partnership businesses or organisations.

Things to know before buying an SRA Mumbai flat

• Verify the estate’s title document to guarantee that you are purchasing it from the original seller. Only the seller’s name should appear on the deed.
• Verify the property documentation and title deed with a real estate lawyer.
• Check to see if the owner has a bank release certificate. This would be to guarantee that the seller repays the debt.
• Just a properly stamped sale document will be used to transfer property ownership. Remember that purchasing and selling property using a power of attorney is unlawful and has no legal standing in court.

SRA: Let’s talk about the authority.

The chief executive officer is in charge of the SRA. The Maharashtra chief minister serves as the organization’s chairperson. The state housing minister, urban development minister, commissioner of the Municipal Corporation of Greater Mumbai, and the senior secretary of the urban development and housing department are the other members of the Authority.

The government has also established a GIS platform, where people and other key stakeholders may examine data gathered by the Brihanmumbai Municipal Corporation, with the goal of becoming Mumbai slum-free by 2022. These maps include layers of data such as administration wards, borders, and scheme information based on HUT ID, village, taluka, ward, cluster, and landmark characteristics.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.