In Maharashtra, housing regulator by March

Article from ET Realty

MUMBAI: The state government has decided appoint a housing regulator till February end or March first week, announced chief Minister Devendra Fadnavis on Saturday.

“The appointment of housing regulator process has been started, which was pending since years. The dream of Mumbaikar will come true soon and this will maintain the objectivity of the housing industry and also common people will justice through the regulator,” said CM Fadnavis.

The regulatory body aimed to safeguard interests of home buyers. The state has decided to appoint housing regulator after the Centre gave a go ahead to the state to frame rules to implement.

The process of framing of rules was in progress but the Centre had framed a similar law ‘Real Estate‘ (Regulation and Development Bill) and wanted the state to adopt it. However, the Centre permitted after the state convinced to the Centre that Mumbai’s housing needs are different from the rest of the country and it’s an urgent need for a housing regulator and that our provisions were better than the proposed central law. The regulatory will be a quasi-judicial body and resolve the disputes related to the housing sector.

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