PUNE: The Maharashtra Regulatory & Development Act (MHRDA), 2012, promises to bring more transparency and accountability helping both builders and property buyers, Satish Magar, vice-president of the Confederation of Real Estate Developers Associations of India (Credai) - National, said on Tuesday.
He was speaking at a workshop for builders organised by Credai-Maharashtra.
Magar said that the present legislation, the Maharashtra ownership Flat Act (MOFA), 1963, is more than 50-years-old, therefore introduction and implementation of the new act was needed. The MHRDA will not only repeal MOFA which lacked transparency but also clear issues which occur during registration procedures, he said.
Shantilal Kataria, vice-president of Credai-Maharashtra, who was the coordinator for the workshop, said that Credai felt the importance of explaining the provisions of this act to the member builders across the state.