The new act would be on the lines of the RERA being implemented at the national level to make realty transactions transparent and accountable.
Earlier, the Governor unfurled the Tricolor at an impressive function in Shivaji Park, inspected a ceremonial parade and took salute of the marching contingents.
Present on the occasion were Chief Minister Devendra Fadnavis, Union Minister Ramdas Athawale and Mumbai Guardian Minister Subhash Desai, senior civil, police and armed forces officers, members of the diplomatic corps stationed in Mumbai and other dignitaries and citizens.
In his speech, Rao said that over 250,000 works have been completed creating 12,00,000 cubic-metres of water storage potential under the Jalayukta Shivar Abhiyan launched in the state to tackle water scarcity.
With the summer attaining its peak, around 11,000 villages have become drought-free by conserving water in village watershed schemes.
Additionally, the World Bank-assisted Nanaji Deshmukh Krishi Sanjeevani Project is being rolled out to make 4,000 villages in Vidarbha and Marathwada drought free.
So far, 225 cities and towns in the state have been declared 'Open Defecation Free' and entire urban Maharashtra is targeted to become ODF by October 2.
Later, the Governor attended the Maharashtra Day celebrations and a cultural programme hosted by Mayor Vishwanath Mahadeshwar.