New housing bill criticized in Maharashtra
The new Maharashtra Housing (Regulation & Development) Bill, 2012, came under attack from housing experts as they labeled it ‘builder friendly’.
Activists, housing societies and flat buyers claimed that not only was it poorly drafted, but also failed to maintain transparency and stated that it is a watered down version of the repealed Maharashtra Ownership of Flats Act (MOFA), 1963, favouring developers.
The main contentions against the bill were the penalty levied on the flat buyers, provision where developers have a choice to return the deposit money along with the interest to the buyer in case of failure to execute the project.
Apartment, Apartments, Bill, Developers, Flat, Flat buyers, Flats, Housing, housing bill, Housing loans, Loans, Maharashtra, Maharashtra Housing (Regulation & Development) Bill, Maharashtra Ownership of Flats Act (MOFA), Mumbai
