Statys as on- 06/04/21
By tweaking the provisions of the Maharashtra Real Estate Regulatory Authority (MahaRERA) Act, the Maharastra government has proposed to crack down on builders who sell a single flat to multiple buyers in a significant step.
Jitendra Awhad, Housing Minister of Maharashtra has recently highlighted the similar issue saying that it has come to the government’s attention in many cases across the state where the builder has sold a flat to multiple buyers, causing extreme hardship to the buyers. Therefore, the government intends to amend the MahaRERA Act so that such builders can be charged with an offence and prosecuted for defrauding flat buyers.
According to the Housing Minister of Maharastra, the problem is grave, and the government intends to amend the Act in order to improve transparency in such transactions and prevent flat buyers from being duped. There have been various instances where a builder sells a flat to one person and then sells the same flat to several people using the MahaRERA act’s provisions.
The real estate industry has applauded the state government’s decision. The Chairman of the Builders Association of India’s Housing and RERA Committee has said that a builder making such a sale to multiple buyers was illegal and unacceptable. Also, he said that any measures taken by the government to minimize it would be welcomed. The buyer, on the other hand, has the ability to check if the same flat that he has reserved has been sold to others.
Further, according to Rohit Poddar, M.D. of Housing and Development the real estate sector continues to achieve milestones with a historic surge in registrations, an amendment like this would help the real estate sector in creating a more transparent atmosphere for home buyers, ensuring the protection of their life savings and investments. Furthermore, he believes that this amendment will not only help to eliminate the bad practices of some developers, but it will also encourage homebuyers and investors to trust the sector and the laws that protect their investment while making their home-buying experience more seamless.
Disclaimer – The above article is based on the personal interpretation of the related orders and laws. The readers are expected to take expert opinion before relying upon the article. For more information, please contact us at ibc@centrik.in
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