Written by: Express News Service
2 min readMumbaiOct 3, 2011 12:38 AM IST
First published on: Oct 3, 2011 at 12:38 AM IST
While the Cabinet was expected to discuss the much-delayed plan to establish a real estate regulatory commission in the state and make amends to the Maharashtra Ownership of Flats Act (MOFA),which will be required alongside,a Central plan for a regulatory body for the real estate market has put the MOFA amendment on the backburner,for now.
Attending a conclave on the Rajiv Awas Yojana in Mumbai last week,Union Minister for Housing and Urban Poverty Alleviation Kumari Selja said the Centre had sought opinions from all state governments regarding the appointment of a Central regulator.
Chief Minister Prithviraj Chavan had been given a detailed presentation regarding the regulatory body and its proposed functions in early September. Sources said it could be a three-member body headed by a retired bureaucrat.
“Naturally,this will now be put on hold. We will have to wait and see what shape the Centre’s plan for such a legislation takes and only then proceed,” said a senior state government bureaucrat. A detailed report on the proposed amendments to MOFA have been sent to New Delhi,the official added. The Union Ministry of Housing and Urban Poverty Alleviation is working on a legislation to bring in transparency in the real estate sector.
The setting up of a realty market regulatory body is expected to usher in a slew of changes — developers may require to be registered with the body before even advertising projects and flat buyers’ grievances will be addressed by the regulator.
While the draft of a Maharashtra Housing Regulatory Commission Bill was prepared three years ago,it was never placed before the state legislature. The government later decided instead to insert additional provisions in the MOFA.
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