State govt replacing MOFA with new act, relief for home buyers

By Accommodation Times (www.accommodationtimes.com)

Nagpur:
The civic body has decided to implement a new act replacing to the Maharashtra Ownership Flats (Regulations of Promotion of Construction, Sale, Management, and Transfer) Act, 1963, to deter irregularity and to bring more transparency into real estate sector.
The MOFA had been introduced for the ease of homebuyers and to reduce the unfair trade practices in the property transactions such as sale and transfer of flats will be written off.
It is supposed to be replaced with the new act Maharashtra Housing (Regulation and Promotion of Construction, Sale, Management and Transfer) Act, 2011. According to the senior officials from the state housing department, the new proposed act would be more effective and in protecting the interests of buyers. It will include the provisions for the setting up of a regulatory authority for the real estate sector. In the forthcoming days the proposed act is likely to be tabled before the state cabinet.