Maharashtra has enacted the Maharashtra Housing (Regulation and Promotion of Construction, Sale, Management and Transfer) Act which will create a housing regulator and will, supposedly, offer buyers an arbitrating body to attend to their grievances. It will have the powers of a civil court, can sentence errant developers to a prison term of up to three years and impose fines of up to Rs1 crore.
The housing regulator can standardise practices, streamlining procedures and attend to consumer grievances in a decisive and timely manner. The regulatory body can pass orders to transfer 10% of the total project to buyers who can then sell it in the market to cross-subsidise the construction cost and finish the project on time. Builders will not be allowed to sell at least 10% of their total apartments, known as ‘retained flats’, until they finish construction and procure the occupation certificate (OC) for the project.
The Act received presidential assent this week, making Maharashtra the country’s first state to have a regulator to rein in the realty sector. The Housing Regulatory Authority will be headed by a person of the rank of a principal secretary. Those dissatisfied by its ruling can approach the Housing Appellate Tribunal chaired by a serving or retired judge of a high court.
The Uttar Pradesh (UP) government has decided to enact new legislation aimed at regulating...
Karnataka minister for revenue, V Srinivas Prasad, informed the legislative council that steps would be taken to prevent non-agriculturists from buying plantation lands violating the provisions of the Karnataka Land Reforms Act. He was responding to charges of Janata Dal (Secular) floor leader MC Nanaiah who said revenue department officials, particularly in Kodagu district, have been allowing non-agriculturists to buy plantation land on the ground that it is not agricultural land.
The Act prohibits purchase of agriculture land by non-agriculturists with an annual income of more than Rs2 lakh. However, officials have been allowing transactions of hundreds of acres of land in the district, resulting in a complete change of the district topography. Buyers have been converting such land into resorts or farmhouses. If the trend continues, it would be disastrous and could affect the flow of the Cauvery River.