Maharashtra Housing Regulator Will Ensure Fair Deals For Home Buyers

Accommodation Times News Services

By Arvind Jain, Managing Director – Pride Group

lawThe Cabinet recently approved the Real Estate Regulatory Act (which is now pending for final clearance at the Rajya Sabha). Moreover, Maharashtra is all set to receive its own very State-level housing regulator, with chief minister Devendra Fadnavis having cleared the decks for this much-awaited initiative.

The Maharashtra housing regulatory authority has the best of intentions at heart, and will enforce higher levels of transparency. It will fill a number of gaping loopholes at one go. One of the highlights of the policy is that it will make registration of real estate developers and contractors under a competent authority mandatory. Without such registration, developers and contractors will not be granted permission to conduct business at all. 

Because registration was so far not been required by law, it was possible for literally anyone with some land and capital to become a real estate promoter. This is one of the primary reasons why there has been such a massive spate of illegal buildings of spurious construction in the peripheral areas of our cities. 

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