Campa Cola: Chavan seeks real estate transparency, writes to President

Mumbai, Nov 19: The

episode is probably the biggest eye-opener of the present times highlighting the woes of middle-class citizens and the complicated and misguiding maze of hidden clauses within a real estate deal.

In this light, Maharashtra CM Prithviraj Chavan sought the President's assent to the bill that demanded transparency in housing projects in the state.

In a letter to the Union Minister of Housing and Urban Poverty Alleviation, Girija Vyas, Chavan said, "The instances of contravention of development Control Regulations in Campa Cola compound building and the public uproar that followed the decisions of Supreme Court in this regard has once again highlighted the need for an effective real estate regulatory mechanism."

The Bill will ensure planned and transparent real estate business.

Emphasising that the main aim of the Bill was to bring transparency, eradicate the hidden clauses and streamline the real estate transactions, Chavan further wrote,"The Maharashtra Housing (Regulation and Development) Bill, 2012 is a comprehensive legislation which seeks to ensure full disclosure by promoters or developers of a real estate project, and also ensure compliance of agreed terms and conditions through registering, monitoring and regulating real estate projects by a Housing Regulatory Authority."

He further added,"The effective implementation of the Maharashtra Housing (Regulation and Development) Bill, 2012 will go a long way in promoting planned development and construction, sale, transfer and management of flats, in residential buildings and other real estate projects and protect the interests of home buyers." The idea, according to Chavan, is to curb the unnecessary hassles meted out by illegal rent holders and the tendency of the builders to flout the Development Control Rules, including the FSI norms.

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