India, Oct. 3 -- The Maharashtra government has introduced a time-bound framework for the redevelopment of cooperative housing societies, requiring developers to complete projects within two years from the date of the foundation or plinth certificate.

This new provision is part of the state government's revised guidelines issued under Section 79A of the Maharashtra Cooperative Societies Act. It could provide a significant safeguard for members' timelines as they wait to move into their redeveloped homes.

The government order, however, allows the completion period to extend to a maximum of three years in exceptional circumstances. This means the three-year period is not the normal timeline for every redevelopment project but is an except...