The Maharashtra Legislative Assembly, on 16 July 2012,
passed the Maharashtra Housing (Regulation and Development) Bill,
20121 ("the proposed Act")
which, on receiving the Governor's assent, will replace the
existing Maharashtra Ownership of Flats (Regulation of the
promotion of Construction, Sale, Management and Transfer) Act, 1963
("the MOFA"). The MOFA had envisaged to regulate the
promotion of construction, sale, management and transfer of flats
but has not given the flat purchasers an effective implementing
arm, which is now envisioned in the proposed Act.
Object of the Bill:
In addition to regulating and promoting the construction, sale,
management and transfer of flats in Maharashtra, the proposed Act
seeks to establish Housing Regulatory Authority ("HRA")
and Housing Appellate Tribunal ("HAT"). The Bill, when
enacted, is expected to ensure transparency and discipline in the
transactions of flats and to keep a check on malpractices.
