THE REAL ESTATE REGULATORY ACT coming soon by the state govt!

By Accommodation Times Bureau
In the history of accommodation the country’s first regulator for the housing sector “THE
MAHARASHTRA HOUSING REGULATION AND DEVELOPMENT BILL” paves way for establishment.The
prposed bill which is now in state legislature council aims to bring out transperancy in the real
estate,also it will definitely demystify the technical words like built-up,super built-up,carpet area etc
used in this area.

Lack of transparency and regulation has always been the talk in the construction sector which led to
the creation of housing regulatory body. There is no denial that there are some black sheeps in the
industry which irregulate the system. If we study the Mumbai market almost every project or land/plot
is redevelopment project and remaining comes under court cases or disputes.The big question always
arises whether there will any control to which proposed bill is the answer. The bill makes mandatory
for every builders to make complete disclosure regarding schemes and projects. It also prohibits the
developers from selling or promoting before the approval from the regulator. The bill also seeks to
ensure that the developers delivers projects om time or else there it can impose fine upto 10,000 rps
each day!

The bill mandate the regulator to promote better and safer economical homes to bring consistency and
remove ambiguities.





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