Housing regulator for Maharashtra by year-end

The quasi judicial body will safe guard home buyers interest

geetanjali

Geetanjali Minhas | November 23, 2015


#Housing regulator   #Maharashtra   #home buyers   #Mumbai  

Maharashtra will soon have a housing regulatory authority. Chief Minister Devendra Fadnavis has said that the housing regulator would be established within a month. The housing regulator will be a quasi-judicial body with powers to safeguard the interests of home buyers and resolve disputes relating to the housing sector.

The Maharashtra Housing (Regulation & Development) Act, 2012, was passed two years ago and the Presidential assent came in 2014. However, the state could not set up the Authority as the Centre's real estate Bill is still pending in the Rajya Sabha.

But keeping in view Mumbai’s housing needs which are different from the rest of the country, the state government convinced the centre on the establishment of a state authority. “The government also successfully argued that the state's provisions were better than the proposed central law. The Centre has accepted the state's submission and given its nod for the establishment of the Authority” a government official said.

Under the authority, it will be mandatory for developers to disclose the property title, layout and completion plans to buyers. The project details will have to be registered with the authority and will be displayed on its website. The promoters will have to apply to the regulator for the registration of every project to be constructed on a separate plot.

The authority provides for disqualification and cancellation of registrations of projects. Before cancellation of registration, the regulator will issue notice to the promoter, who should respond within seven days. This apart the authority can impose a fine of up to Rs one crore and prison terms up to three years.

Buyers of a stalled project can form a legal entity and assume control of the construction process.

Comments

 

Other News

Making sense of facts – and alternative facts

The Art of Conjuring Alternate Realities: How Information Warfare Shapes Your World By Shivam Shankar Singh and Anand Venkatanarayanan HarperCollins / 284 pages / Rs 599 Professor Noam Chomsky, linguist and public intellectual, has often spoken of &ls

The Manali Trance: Economics of Abandoning Caution in the Time of Coronavirus

The brutal second wave of the COVID-19 pandemic in India has left a significant death toll in its wake. Health experts advise that the imminent third wave can be delayed by following simple measures like wearing a mask and engaging in social distancing. However, near the end of the second wave, we witnesse

Govt considers fixing driving hrs of commercial vehicles

Union Minister of Road Transport and Highways Nitin Gadkari has emphasised deciding driving hours for truck drivers of commercial vehicles, similar to pilots, to reduce fatigue-induced road accidents. In a Na

Telecom department simplifies KYC processes for mobile users

In a step towards Telecom Reforms which aim to provide internet and tele connectivity for the marginalised section, the Department of Telecommunications, Ministry of Communica

Mumbai think tank calls for climate action

Raising concerns over rising seawater levels and climate change, Mumbai First, a 25-year-old public-private partnership policy think tank, has written letters to Maharashtra chief minister Uddhav Thackeray, minister for environment and climate change, tourism and protocol, Aditya Thackeray and Mumbai munic

Creation of ‘good bank’ as important as ‘bad bank’ for NPA management

After the recent announcement of the government guarantee for Security Receipts (SRs) to be issued by a public sector-owned National Asset Reconstruction Company Ltd (NARCL), there is a surge of interest around this desi version of a super bad bank. The entity will acquire around ₹2 trillion bad debts fr

Visionary Talk: Gurcharan Das, Author, Commentator & Public Intellectual on key governance issues


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter