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

Central Bank Digital Currency has game-changing potential

When discussing digital currency, you might think of one or two well-known varieties. There is the digital representation of currency that you access with mobile and online banking services. This currency is the liability of a commercial bank. There is also cryptocurrency, a digital medium of exchange issu

An Insider’s Account of the Zail Singh Years: The Endgame

The Indian President: An Insider’s Account of the Zail Singh Years By K.C. Singh HarperCollins, 312 pages, Rs.699  

‘My Father Was a Simple Man’: Remembering Gen. Rawat

Bipin: The Man Behind the Uniform By Rachna Bisht Rawat Penguin, 207 pages, Rs 599 On the morning of 8 December 202

A Mind and Heart without Corners

In Love, At Ease: Everyday Spirituality with Pramukh Swami By Yogi Trivedi Penguin Random House, 360 pages, Rs 499 Spirituali

Mumbai air quality dips, BMC swings into action

Taking note of Mumbai’s rising air pollution and deteriorating air quality in the recent months, the BMC has attributed rising dust levels to different large-scale development and construction works combined with changes in the wind speed conditions. It has constituted a seven-member committee, which

‘Seasonal Influenza’: health ministry keeps watch on situation

Given an unusual uptick in the cases of “seasonal influenza” in the recent days, the health ministry Friday said that it was keeping a close watch on the situation in various states/UTs through the Integrated Disease Surveillance Programme (IDSP) network on real-time basis. The

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter