Property frauds to be in check with new law in Maharashtra
Maharashtra government has finally implemented the long pending property registration rules to protect property buyers against frauds.
These rules will be public from 1st of April 2013. The state has approved the rules after three years the state legislature approved landmark amendments.
The main motive is to stop the fraudsters from selling the same property multiple times or acquire multiple loans or mortgages on the same property.
Now, it will be compulsory to inform the state registration office of mortgage details within 30 days of a mortgage being executed as per the Registration ( Maharashtra Amendment) Act, 2010. If failed, then a jail term of 1-3 years along with a fine will be imposed.
Along with the above norm, now it has become mandatory to register three types of documents within 30 days of the deals being executed.
If the registration office is not informed about the mortgaged properties being sold within 30 days of mortgage, the deal will be declared invalid and the seller has to refund the amount paid by the buyer with 12% interest.
There have been many other such rules in buyers’ interest. The registrar’s office has to be informed within 30 days of demand notices and court orders that relate to the attachment of any property or transfer of property.
With the amendments of the rules in place, the President of India has claimed that with the registration of documents, they will always be considered over unregistered documents before the law.
Banks have also fallen prey to such fraudsters when owners forge papers and selling the same flat to multiple buyers.
According to a developer, with these rules, there will be less fraud and forgery, furthermore that will also stop the illegal sale of MHADA, slum rehab (SRA) and government flats.
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Documents for property registration, Maharashtra, Maharashtra Amendment Act 2010, Maharashtra government, Mhada, mortgaged properties, Mumbai, Properties in Mumbai, Property frauds, Property registration
I think they have taken such an appreciating decision after a long time. but what about the guilty people of the land acquisition scam? they must be punished as soon as possible. anyways thanks for sharing such a great update.