After the drastic dip in sale of flats, the developers are likely to face much more doom if the government passes the bill of the proposed Maharashtra Housing Sector Regulatory Commission Act, 2008. Soureces reveal that th bill was all set to be passd in the state assembly, but an uproar by the developers has made the government defer it by a few days. The new bill is meant to protect the interests of the home buyer. The proposed act emphasizes on the formation of an all-powerful Dispute Redressal Committee, which will decide any dispute arising between a developer and the home buyer over any flat sold or delivered. The punishment is also stringent-those who fail to comply with the orders given under the act can be imprisoned for as long as three years with a fine for the first offence.
January 11, 2017
October 19, 2010