MOFA (Maharashtra Ownership Flats Act), is one of the oldest housing Act. It came into the being in the year 1963 to regulate promotion, construction, management and transfer of flats sold on an ownership basis within Maharashtra. It laid down the responsibilities of developers and the rights of flat purchasers. In 2011, when government came …
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Maharashtra Government Triggers New Debate-Proposes Escrow to Be Increased To 70%
RERA India is currently a buzzword in the real estate market. Rules on setting aside 70% of customer advances in an escrow account was reduced to 50% in the RERA bill 2016. Maharashtra housing regulator will soon be out. But the government now wants the escrow to be increased to 70%. This has invited much …
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The Exit Policy Finally Finds Its Way
The new exit policy proposed by the authorities of Noida, Yamuna Expressway and Greater Noida to the UP government finally receives consent. The policy will allow the realtors to submit their property to the authorities in lieu of outstanding dues. Around 25 crores of land dues have been outstanding to the authorities as several developers …