Uncertainty looms over appt of regulatory body for home buyers

The Maharashtra Government appears to be in a dilemma over appointment of a regulatory body to safeguard interests of home buyers in the city despite the fact that the process of framing rules for the Housing Regulatory Bill has been completed.
"Framing of rules has been completed with consultation of Law and Judiciary as well as finance departments. Recently, the union cabinet has approved amendments to the Real Estate (Regulation and Development) Bill 2013 pending in the Rajya Sabha. We are now awaiting the state government's clearance on whether we should go ahead with our state law or wait for the central act to be adopted," an official in the housing department told PTI.

The state government had got the go-ahead from the Centre to frame rules to implement the Housing Regulatory Bill passed by the State legislature and approved by the President.
The delay was because the Centre had framed a similar law 'Real Estate' (Regulation and Development Bill) and wanted the state to adopt it. However, the Central government's bill is pending in the Rajya Sabha. We explained to the Parliamentary Standing Committee that Mumbai's housing needs are different from the rest of the country and there was urgent need for a housing regulator and that our provisions were better than the proposed central law, he said.

The Maharashtra Housing (Regulation and Development) Bill 2012 was passed two years ago and the Presidential assent came in 2014.
The regulatory authority will be a quasi-judicial body and resolve the disputes related to the housing sector.
The previous Congress-NCP government had proposed the law to ensure home buyers interests are safeguarded. However, the Centre also brought a similar legislation in Parliament and asked Maharashtra to hold back implementation of its own law.
But the Centre's draft bill went to the Parliamentary committee of the Rajya Sabha. Hence, the state had got a go ahead with its own regulatory authority law.