Maharashtra is planning to appoint the Housing Regulatory Body for Home buyers
Image credits : DNA India
The Maharashtra government is planning to regulate the real estate market of the state and for this soon they will appoint a regulatory body to save the interest of the home buyers as Central Government has gave the nod to state government to frame rules and regulation to implement the Housing Regulatory Bill approved by the President and passed by the legislature. However; we are know that in 2012 The Maharashtra Housing (Regulation and development) was passed, but after that the Presidential assent came in effect in 2014.
The process of framing the rules and regulation is in the progress and there I little delay in that because Central Government had framed s similar law know as the “Real Estate” Regulation and Development Bill) for each and every state with a motive that each and every state will adopt it. But the Central government’s bill is still pending in Rajya Sabha. State Government stated that we have explained to the Centre that Mumbai’s real estate market needs are different from the rest of the country and due to that there is need for housing regulator and the provisions which we have is better than the proposals of the central law. According to Shrikant Singh, who is Principal Secretary Housing department, “Our Submission has been accepted and we are planning to implement our own housing regulator. The more he added that we have god the final approval from central to set up our new regulatory authority for Maharashtra. Currently we are in the process of rules and regulation formation after which our authority will come into existence.
The real estate regulatory authority of Maharashtra will be a quasi-judicial body which will be able to resolve the disputes that are related to the housing sector. Apart from that the previous Congress-NCP government has proposed the real estate law to ensure home buyers interests are in the safe hands. Apart from that Centre has brought a similar legislation in Parliament and they have asked the Government of Maharashtra to hold back implementation of their own law in the real estate sector. But, the draft bill of centre has gone into the Rajya Sabha’s parliamentary committee and hence the state is planning to go ahead with its own regulatory authority bill. According to Singh our consultations are on the way and our law, judiciary and finance departments are framing the rules to setup the regulator. However; he declined any comment that when they are completing the framing the process.
