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As per the proposed bill, the promoter will have to make full disclosure of his housing project, register and display it on the website of the housing regulatory authority. Any promoter who fails to comply with the provisions will have to pay heavy penalty ranging from Rs50,000 to Rs1 crore
Mumbai: The Maharashtra Housing (Regulation and Development) Bill, which was introduced in the legislative assembly on Wednesday, aims at protecting the interest of flat purchasers and usher in transparency and discipline in transaction of flats by putting a check on malpractices, reports PTI.
It also proposes to repeal the Maharashtra Ownership Flats Act and establish Housing regulatory authority and Housing Appellate Tribunal for ensuring effective implementation of the law.
Minister of state for housing Sachin Ahir said the Maharashtra Ownership Flats Act of 1963 was made to prevent malpractices of promoters or developers of properties during the time when there was acute shortage of housing in several areas of the state.
After a lapse of more than four decades, housing activities have stabilised and there is a need for continuous control and monitoring.
He said the existing rules are not effective in protecting the interest of flat purchasers and promoters would avoid the statutory obligations imposed on them.
The aggrieved flat purchasers could only approach the consumer forum or civil courts for acts of omission or commission of provisions of the Act.
He said the new bill aims to protect the interests of the flat purchasers.
Establishing the Housing Regulatory Authority and the Housing Appellate Tribunal will help promote planned and healthy development, construction, sale, transfer and management of flats, residential buildings.
The Bill also proposes to protect public interest in relation to conduct and integrity of promoters and other persons engaged in the development of flats and facilitating smooth and speedy constructions and maintenance of such properties.
The minister said as per the proposed bill, the promoter will have to make full disclosure of his housing project, register and display it on the website of the housing regulatory authority.
There will be no transaction including sale or marketing for sale of flats in the new project without registering it and displaying it on the website of the authority.
The responsibility of entering record or details on the website lies with the promoter.
Any promoter who fails to comply with the provisions will have to pay heavy penalty ranging from Rs50,000 to Rs1 crore.