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Mumbai: Maharashtra government proposes new laws to regulate real estate

In order to guard interest of home buyers from covetousness of real estate developers, the state and central government proposes new realty laws. Doubting the success of the new rules, consumer activists comment that existing laws are good enough to protect interest of buyers. They just needed to be implemented properly.

 

The condition of computing flat rates on carpet area is already included in Maharashtra Ownership Flats ACT, 1963 (MOFA), which is also included in recently proposed Real Estate Bill. Though the rule was included in MOFA in 1983, which was later on amended in 2008, builders still sell the property on build-up area. There are some other rules in MOFA which are not implemented properly and if these are implemented strictly no new realty laws are required to save interest of home buyers.

 

New laws will bring much-needed transparency in property transactions allowing buyers to find whether the project has been approved or not. They can also check if there are any encumbrances on the land.

 

Though activists say that government should postpone the new bill and should include provisions for appellate tribunal in MOFA only to strengthen it.

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