India, Oct. 6 -- The Maharashtra Housing and Area Development Authority (MHADA) has announced revisions to its 2007 redevelopment policy, updating premium charges and payment terms to make the redevelopment of old housing societies in Mumbai's real estate market more financially viable.

The Maharashtra Housing and Area Development Authority (MHADA) has revised its redevelopment policy regarding premium charges for commercial floor space in projects carried out under Regulation 33(5) of the Development Control and Promotion Regulations (DCPR) 2034.

Under the new policy, the premium for allocating commercial built-up area will be determined using a formula that factors in land rates, market values, and the intended usage. This replaces th...