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Multiple housing and realty firm regulators to be appointed in Maharashtra

Posted by BrickAcres on August 27, 2016
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WITH complaints from flat buyers against unfair practices by realty firms piling up from across the state, a proposal to appoint multiple housing regulators is now under consideration, as per sources.

At last count, about 37,000 such cases were pending in the consumer redressal forum, official data shows. Mumbai, the country’s real estate capital, alone accounts for over 15,000 of such cases.

Anticipating that a single housing regulator will be overburdened, a proposal to appointing multiple region-wise regulators is being considered.

According to the plan, Mumbai may get its own housing regulator. There could be another one for the rest of the Konkan belt including Mumbai’s satellite cities Thane and Navi Mumbai. Similarly, for housing matter pertaining to cities in Western Maharashtra, a separate regulator could function out of Pune. One more may be based in Nagpur to handle cases emerging out of the Vidarbha and Marathwada belts.

After the Centre’s Real Estate (Regulation and Development) Bill, 2016, came into being on May 1, the state government is in the process of making rules and putting the institutional infrastructure to protect the interest of home buyers.

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