MUMBAI: The Maharashtra government has notified draft rules for the regulator to be set up under the Real Estate Regulatory Act (RERA). Among the key proposals aimed at helping homebuyers, there’s much-needed clarity on transfer of project‘s land in favour of association entity of homebuyers.
One of the key provisions of these rules mandates that the project developer must convey the land title in favour of the housing society within three months of receiving Occupation Certificate, or within a month of the co-operative housing society’s registration, whichever is earlier.
“While the period of transferring the conveyance is not new, MOFA rules were not clear on dividable and non-dividable land. The draft RERA rules have removed the ambiguity in the manner of executing conveyance for the transfer of title,“ said Vidya Adsule, General Counsel, JP Infra Group.
If the land can be divided with separate property card, then the conveyance needs to be done as it is applicable to a single building project. However, if the land cannot be divided, the conveyance needs to be transferred to the housing society federation within three months of receiving Occupation Certificate for the last building in the project or within one month of formation of such federation.
The government has sought suggestions and objections on these rules by December 23.
“There are quite a few positives to be found in the Maharashtra RERA draft. For instance, all under-construction projects, irrespective of whether some of their individual towers phases have received OC, have been covered under the Act. Full project-level disclosures have been mandated,“ said Anuj Puri, Chairman & Country Head, JLL India.
Credits ET Realty