Wondering, what is SRA in real estate? Let me tell you that it plays a pivotal role in real estate by transforming slums into organized housing complexes.
What is the SRA Meaning in Real Estate?
A significant component of Mumbai is the slums. In Mumbai, slums are estimated to house about 60% of the population. The Maharashtra government established a committee in 1995 to create a plan for rehabilitating slum inhabitants to raise their level of living.
How Does SRA Works:
Rehabilitating impoverished areas is the primary goal of establishing an SRA apartment.
The people who live in the slums agree about their redevelopment and alert the authorities to start the reconstruction process.
Following a successful proposal, a private developer is shortlisted and subsequently collaborates with the government.
Slum residents who give up their current residences in exchange receive a new SRA apartment in the freshly built building.
The builder receives the remaining constructed homes, which he or she can then resell to buyers at a profit, just like any other apartment building.
I hope this helps!
Get Legally Verified Properties in Your Budget Without Paying Brokerage Via NoBrokerRead More:
Transfer Process of SRA Flat from Mother to Son’s name?
Your Feedback Matters! How was this Answer?
Hey,
From what I know SRA stands for S
lum Rehabilitation Authority. It was created in Mumbai to serve as Planning Authority for all Slum areas in the jurisdiction of Municipal Corporation of Greater Mumbai. Subsequently by Govt.Under SRA, the government has launched various schemes to promote housing for slum dwellers.
Verify all the land records at your fingertips by consulting experts at NoBroker here. Opt for NoBroker buyer plans for dispute-free and legal property investments.
What is SRA meaning
Rajesh Joshi
370 Views
2
2 Year
2022-11-16T10:51:01+00:00 2024-08-01T11:05:24+00:00Comment
Share