The Maharashtra Housing (Regulation & Development) (Bill), 2012

Present Position:

The Bill has been passed by the Legislative Assembly and Legislative Council and is awaiting the assent of the President.

Objectives:

• To repeal MOFA 1963, from the appointed day (s.56).
• To provide relief to flat purchasers against malpractices and difficulties.
• To establish a Housing Regulatory Authority and Housing Appellate Tribunal.
• To remove information asymmetry by ensuring full disclosure and compliance.
• To usher in transparency
• To promote planned and healthy development.
• To facilitate smooth and speedy construction and maintenance.

Sec.3 (2) Disclosures to be made by Promoter.

• A Promoter who intends to construct or is constructing or constructs a block or building or flats which is not for personal use, shall, in all transactions be liable to give or produce the information and the documents specified and as may be prescribed. (Flat is defined in Clause 2(m) as including residence, office, showroom, shop or