State puts its real estate regulator plan on backburner

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.