Maharashtra to have regulator for real estate sector

It will decide on housing disputes and will have powers to punish errant builders

GN Bureau | June 16, 2015


#housing   #real estate   #home buyers   #maharashtra   #mumbai  

Recognising the unique needs of Maharashtra, especially that of Mumbai, the centre has approved formation of a regulatory body to safeguard interests of home buyers.

The regulatory authority for the real estate will be a quasi-judicial body and resolve the disputes related to the housing sector.  It will have a chairman with powers to punish or fine culprits like builders or developers. The authority will also hold hearings like courts.

The centre gave a go ahead to the state to frame rules to implement the state housing regulatory bill passed by the legislature and approved by the president. The Maharashtra Housing (Regulation and development) 2012 was passed two years ago and the presidential assent came last year.

The centre’s similar legislation in parliament is yet to be okayed by the Rajya Sabha and hence the Maharashtra government was to hold back implementation of its own law. But now the state has got a go ahead under its own regulatory authority law.

"The process of framing of rules is in progress and the delay was because the Centre had framed a similar law "Real Estate" (Regulation and Development Bill) and wanted the state to adopt it. However, the Central government's bill is pending in the Rajya Sabha. We explained to the Centre that Mumbai's housing needs are different from the rest of the country. There was urgent need for a housing regulator and that our provisions were better than the proposed central law. Our submission has been accepted and we will have our own housing regulator," Shrikant Singh, Principal Secretary Housing department said.

"We have got official nod from the Centre to set up our own regulatory authority for the state. We are in the process of forming rules and regulations after which the authority will come into existence," Singh said.

Singh said consultations are on with law and judiciary and finance departments for framing rules regarding setting up of the regulator.

Comments

 

Other News

Yogi in politics, TN industries shift base and, how to end the Maharaja’s misery

Everyone in Yogi Adityanath`s office declares that Yogi’s political career is founded on the work carried out from there, first when he was mahant of the influential temple, and then as an MP. Vijendra Singh, who works at the office, says “It’s because of these letters that Yogiji has n

A fifth of Rs 29 lakh crore are NPAs

Banks have advanced a staggering Rs 29,46,060 crore to the industrial sector, of which Rs 6.93 lakh crore are non-performing assets (NPAs).   Finance minister Arun Jaitley informed

Demonetisation not meant to change cash use by people: Harvard economist

 Here are 10 things that Kenneth Rogoff, Thomas D Cabot professor of public policy, department of economics, Harvard University, and author of `The Curse of Cash`, said about demonetisation at the Delhi Economics Conclave 2017: 1. The core idea for demone

Ashok Malik is press secy to president

As Ram Nath Kovind readies to take charge as president, the government is forming his team, naming three officials.    Ashok Malik, former journalist and commentator known for his pro-right views, will serve as the press secretary to the president. Bharat Lal, Gujarat&rs

To understand Modi saga, look at the Vaghela story

Back in the early 1990s, Shankarsinh Vaghela was (or at least perceived to be) more popular of the two people running the BJP show in Gujarat. Today, the other man is the prime minister, and Vaghela is reduced to a footnote – albeit an important one – in the Narendra Modi saga. &n

‘Not just Muslims, everyone is in fear and awe of Yogi Adityanath’

At 70, Dr Aziz Ahmad, a well-known homeopath and politician now with Congress, still has a busy practice in Abu Bazaar, in old Gorakhpur. During working hours, the lane in which he has a clinic becomes jam-packed with patients and their vehicles. People speak of naming the lane after him.





Video

कश्मीर पर तीसरे पक्ष की मध्यस्थता स्वीकार नहीं - महबूबा

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter