Maharashtra to get nation’s first real estate regulator
- Maharashtra government has decided to adopt Maharashtra Housing (Regulation and Development) Act, 2012, which just received the Presidential assent. It will be the first state of country to adopt this act.
- Now, it will be mandatory for property developers to disclose property title, layout, and completion plans to the property buyers. They will need to register all the property details to respective regulatory authority, which will them be displayed on its official website.
- During first 5 years, a developer would be fully responsible to fix up the major defects that occur in the building. He would have to refund the buyers fully, in case of any delayed projects. The regulatory authority would have powers of the civil court, and it could impose the fines up to Rs.1 cr. and imprisonment that can extend up to three years.
- However, some critics say that unlike the power and telecom regulators, this housing regulatory doesn’t have sufficient rights to deal with critical pricing issues.
- Real estate Regulation Act