Maharashtra Chamber of Housing Industry, Honorary Secretary Boman Irani said to www.propertykhazana.com that, new rules need full revelation of land titles, auction contract on the runner locality basis, revelation of property information and extra accuses and negotiation and arbitration mechanism. The system is planning to bring it more clearness and the rules for all the ventures which have started after September 13th.” In an effort to carry in clearness and fair play, the MCHI has set a code of conduct for their members which has come into act on September 13th.
According to the sources available with www.propertykhazana.com, title of the land under the development will be revealed in a title certificate from the lawyer. It will file the builder’s rights and duties along with the auction contract and under the Maharashtra Ownership Flats Act (MOFA) the developers will have to reveal all the needs. Irani told that, “The system is not valid to redevelop the ventures, but the ventures will have free auction section which will come under it. If any member is found to be disobeying the system then the matter will be referred to the redressal committee and if the member is found culpable then his membership will be suspended till the matter is determined.”
Source: NIMMA BENGALURU
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