Presidential nod to the Maharashtra Housing (Regulation and
Development) Act 2012 has paved the way for Maharashtra to become the
country’s first state to come up with a real estate regulator in the
housing sector. The notification is likely to be issued soon, following
which rules and regulations would be formulated.
This is the second Act to serve the interests of the flat buyers in 50 years in the state of Maharashtra. Before this, the Maharas-htra Ownership of Flat Act was introduced in the state in 1963 and since then there was a complete vacuum with regard to safeguarding common buyers from builders.
“We are committed to bringing this Act as soon as possible and if everything goes according to the plan, the law would be enacted by May this year,” said Sachin Ahir, minister of state for housing.
According to Mr Ahir, the Act makes it mandatory for every developer to disclose their property title, layout plan and completion plans to buyers at the time of booking. The most important provision is that the project details would be registered with the regulatory authority and the same would be uploaded on its website, so that buyer would be confident about the authenticity about the project and its offers.
As per the provisions made in the Act, developers won’t function like a fly-by night operator and they would be held responsible for repairing major defects in the buildings during the first five years after handing over possession to the society. Even builders may have to refund buyers for delayed projects. The regulator has been given ample scope of power and would work as par with powers of a civil court and can impose fines of up to `1 crore and prison terms up to three years. To read more please visit - asianage.com
This is the second Act to serve the interests of the flat buyers in 50 years in the state of Maharashtra. Before this, the Maharas-htra Ownership of Flat Act was introduced in the state in 1963 and since then there was a complete vacuum with regard to safeguarding common buyers from builders.
“We are committed to bringing this Act as soon as possible and if everything goes according to the plan, the law would be enacted by May this year,” said Sachin Ahir, minister of state for housing.
According to Mr Ahir, the Act makes it mandatory for every developer to disclose their property title, layout plan and completion plans to buyers at the time of booking. The most important provision is that the project details would be registered with the regulatory authority and the same would be uploaded on its website, so that buyer would be confident about the authenticity about the project and its offers.
As per the provisions made in the Act, developers won’t function like a fly-by night operator and they would be held responsible for repairing major defects in the buildings during the first five years after handing over possession to the society. Even builders may have to refund buyers for delayed projects. The regulator has been given ample scope of power and would work as par with powers of a civil court and can impose fines of up to `1 crore and prison terms up to three years. To read more please visit - asianage.com
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