Maharashtra to take the lead to set up a regulator in the housing sector
Maharashtra is all set to become the first state to have a regulator for the housing sector. It has put up a draft of the Maharashtra Housing (Regulation and Development) Rules for public comment till October 10. The tech savvy body wants to hear from the consumers what they have in their mind.
After Oct 10, the provisions are likely to come into force. The ministry feels that the housing sector does indeed need some robust regulation. Many studies have named the real estate and infrastructure sectors the most corrupt sectors of the country. There has been some successful consumer activism of late, but there is a lot of ground that still needs to be covered.
Buyers continue to fall prey to the brokers of the real-estate developers. Many of them launch projects without all the clearances in place. Money raised from the buyers of one project is diverted unscrupulously to other projects. This delays the handing over the original project and the buyers have to bear the burden of the EMIs and rent.
Delays have become the norm. This has resulted in the shift of the focus of the investors from the ‘’Pre-Launch Properties’’ to ‘’Ready to Move in Properties’’. Definitions of built-up area, super area and carpet area are changed without any notice to the buyers to suit the interests of the developers.
Source- Business Standard
Housing sector, Maharashtra, Maharashtra Housing (Regulation & Development) Bill, Maharashtra Housing Act, Maharashtra Housing and Area Development Authority, Pre-Launch Properties, ready-to-move-in properties, Real Estate Developers
