Housing regulatory authority will be set up soon
Recently, Maharashtra Government has approved a plan of setting up a new housing authority.
This means regularization of flats will be a mandatory procedure which in turn be a relief for buyers.
The new act to be announced will replace the Maharashtra Ownership Flats (Regulations of promotion of construction, sale, management, and transfer) Act, 1963.
Under the new act, builders have to submit the details of their projects to authority and get it registered.
The builders will also have to mention the approximate completion date of their project, so that the projects are handed over within time.
Source: The Times of India
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