State govt approved new housing regulatory act

By Accommodation Times (www.accommodationtimes.com)
Mumbai:
Normally flat owners has been cheated by the builders now can take a sigh of relief, as the state government has sanctioned the proposal to enact a new Act containing provisions to set up a housing regulatory authority. The approved regulatory Act comprises to permit deemed conveyance in layouts involving multiple buildings or phase-wise development. The prime objective of approval is to deter irregularities by realtors and provide promised services to flat buyers.
The senior official said that “the new approve regulatory Act will replace the Maharashtra Ownership Flats Act, 1963, however the new at will comprise all the provision which has been mentioned in 1963Act.”
Flat owner can contact to consumer forums or civil courts for grievance redressal only in the absence of housing regulatory authority. According to the new act builder will have to submit all the details regarding the upcoming projects before proposing it in the market. The authority can deregister defaulting developers and impose a fine of up to Rs 1 crore on offenders.





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