Economy

Maharashtra tables Bill to regulate realty players

Our Bureau Mumbai | Updated on July 16, 2012 Published on July 16, 2012

BL17_MUMBAI_HOUSING

Regulator for housing sector too proposed





The Maharashtra Government is pushing for a new housing bill with stringent provisions against builders and real estate developers.

To bill envisages the creation of a housing sector regulator.

The Maharashtra Housing (Regulation and Development) Bill, 2012, was introduced in the Legislative Assembly on Monday evening.

The State Government wants to ensure greater accountability on the part of builders and developers. It has incorporated a provision in the Bill to ensure that the names of the builder/developer, along with the promoter, are mentioned in the property deeds.

Currently, only the promoter’s name is mentioned in the deed; in the event of a scam, the builder has lesser liability.

Empower public

The Bill proposes to empower the common man. Therefore, technical words like carpet area, built-up, super built-up area have been well defined in the Bill.

Under the provisions of the new Bill, it will be compulsory for developers to make full disclosure regarding the housing scheme they plan to develop. They will have to share details of ownership of land, number of flats to be built, particulars of Floor Space Index and financial details.

These details will have to be shared with the housing sector regulator and it would be published by the regulator on its Web site before giving approval for the project.

The Bill prohibits builders from selling or advertising the housing scheme before it gets formal approval from the regulator.

rahulw@thehindu.co.in

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Published on July 16, 2012
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