Maharashtra Realty: Policies That Made a Difference in 2014
Real estate, for the most part in India, is unregulated. There is a need for strict regulations for the sector. In order to cater to the growing demand for real estate and reduce corruption in the sector, the government of Maharashtra and the civic bodies in MMR laid down certain policies this year.
The first half of the year did not witness any major changes in regulations as it was election season. Only once the elections were over, the state government passed some major regulations. Some of the important policies laid down in the state as well as MMR are shown below.
Government policies in 2014
|
Month |
Policy |
| July 21 | Maharashtra has issued draft rules for the Maharashtra Housing (Regulation and Development) Act 2012 for approval, which will create a real estate regulatory authority in the state. With this, Maharashtra will become the first state to implement a regulatory authority for the realty sector |
| July 24 | The stamp duty and registration department in Maharashtra has launched a facility where builders and developers can register their sale agreements online. This is for bringing in more transparency to the system. |
| Aug 21 | The Maharashtra government approved certain rules such as Right to Fair Compensation and Transparency in Land Acquisition, and Rehabilitation and Resettlement Act 2013. |
| September 10 | The Maharashtra cabinet cleared the cluster redevelopment policy for Mumbai. The cabinet also decided to keep the FSI unchanged. |
| October 15 | The Mumbai High Court ruled that Mahim should be considered a bay and hence construction could be allowed in that region. This has given hope for developers who want to develop projects in the region |
| Nov 11 | The supreme court issued a notice to the Maharashtra government restraining it from cancelling development schemes due to developers violating the repealed urban land ceiling law. |
