Maharashtra housing regulator to be a reality by mid-April

To be mandatory for promoter to display project info on website of Housing Regulatory Authority

The Maharashtra government will set up a housing regulatory authority by the end of March or before the conclusion of the ongoing Budget session on April 13. The government has zeroed in on the name of retired bureaucrat Gautam Chatterjee as the chairman of the authority. It has also issued the relevant rules for the effective implementation of the Maharashtra Housing (Regulation & Development) Act, 2012.

“Notwithstanding the Centre’s real estate law, the Maharashtra Housing (Regulation & Development) Act, 2012, will be effective in the state. In fact, the Centre has praised some of the key provisions of the state Act, including protection of interest of the property buyer and making realty players accountable,” Prakash Mehta, state housing minister, told Business Standard.

According to the provisions of the state law, it would be mandatory for the promoter to upload the relevant details of the housing project and its completion period on the website of the housing regulatory authority, Mehta said.

Besides, the promoter will have to make an application to the housing regulatory authority for the registration of the project and for displaying it on the latter’s website. “The government aims to bring in transparency in the realty sector,” the minister said.

According to the Maharashtra Housing (Regulation and Development) (General) Rules, 2016,  the housing regulatory authority will have powers to form and register a legal entity of at least 60 per cent of the flat purchasers and appoint the legal entity as an escrow agent for taking over possession of the building and area.