News | 25th May 2022
The scheme will ensure independent property cards for flats (vertical properties) with details of carpet area, amenity space, bank loan information and 7/12 extracts.
PUNE: : The Maharashtra government was in the final stages of discussion and approval of the draft to issue property cards to flat owners for projects registered under MahaRERA, a senior revenue department official said on Tuesday.
The scheme will ensure independent property cards for flats (vertical properties) with details of carpet area, amenity space, bank loan information and 7/12 extracts.
The draft had drawn a lot of suggestions and objections and a committee was appointed to submit the views to the state before the scheme came into place. “The final draft has been submitted to the government and is likely to be approved in the Assembly session in July,’‘ said the official in the know-how of the proposal.
The aim of starting the property cards is to map the vertical growth in cities and rural belts and maintain an independent record of rights and register for the individual apartments and units in the projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA).
The committee for the vertical property cards had earlier submitted its recommendations to the government and suggested the implementation of the scheme in phases. Discussions are on with MahaRERA officials and the government will take the final call once the government clears the draft.
The state issues property cards for urban areas and 7/11 extracts for rural areas. These cards define the ownership rights of an individual or multiple people. However, there is no document available that proves the ownership of a person owning a flat in a building constructed on a particular plot.
“Keeping this in mind, the revenue department decided to introduce the Maharashtra Land Revenue Code, Record of Rights and Registers for Apartments and Buildings Rules under the Maharashtra Land Revenue Code, 1966. This allows the state to provide a property card for flat ownership. Maharashtra has around 56 lakh property cards for plots in the city areas and 2.5 crore 7/12 extracts,” the official said.
Once the new rules are implemented, the current property cards, or 7/12 extract, will become the principal document of ownership. The property card, on the other hand, would act as the supplementary document for the apartment holders, the official said.
A revenue department official said the new record was a push toward cleaner property titles, which would make buying and selling of apartments less prone to risks.
The official said the document might also make the process of getting loans from banking institutions less cumbersome for the consumers.
Source: realty.economictimes.indiatimes.com