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Until now, the purchase and sale of real estate in Navi Mumbai and the rest of Maharashtra was governed by something called the MOFA (Maharashtra ownership of flats act) enacted in 1963. Just like laws in other states. But on 11th April, 2012, the Maharashtra govt introduced a new law to govern all real estate transactions in Maharashtra.Called the Maharashtra Housing Regulation and Development bill, this bill seeks to remove the lacunae in the previous law (MOFA),and seeks to finally give flat purchasers an upper hand when dealing with builders and real estate companies. It seeks to establish a Housing Regulatory Authority (HRA) and a Housing appellate tribunal to ensure the proper implementation of the law. The law seeks to end the countless hazards and scams facing the real estate buyer today like: False commitments on delivery Shoddy construction quality False promises in terms of area, facilities, amenities, fsi etc Utilization of funds obtained from buyers in a particular project for accumulating land parcels rather than in construction of the said building It seeks to do this via imposition of fines ranging from Rs 1000 to Rs 1 crore.The punishment for not registering a project with the HRA will cost the developer Rs 1000…
