The Maharashtra Chamber of Housing Industry (MCHI) has framed a 'code of conduct' for its member builders, which came into force on recently (2011 September).
According to Mr. Boman Irani, Honorary Secretary, MCHI , ''The new norms require full disclosure of property titles, sale agreement on the carpet area basis, disclosure of possession details and additional charges, and arbitration and mediation mechanism.
The code is aimed at bringing in more transparency. It governs all the projects which have commenced after September 13, 2011"
Highlights of code of conduct...!
* The code of conduct, which has about 30 items.
* It says clearly that a title of the property under development shall be disclosed in a `title certificate' from a lawyer. It will list the builder's rights and obligations along with the sale agreement.
* All Developers will have to disclose all the requirements under the MOFA (Maharashtra Ownership Flats Act ).
* If any member is found to be violating the code, issue will be referred to the redressal committee. If the member is found guilty, his membership can be suspended till the issue is resolved.
Very good idea and Best practice..! will all other Indian states follow this?
According to Mr. Boman Irani, Honorary Secretary, MCHI , ''The new norms require full disclosure of property titles, sale agreement on the carpet area basis, disclosure of possession details and additional charges, and arbitration and mediation mechanism.
Highlights of code of conduct...!
* The code of conduct, which has about 30 items.
* It says clearly that a title of the property under development shall be disclosed in a `title certificate' from a lawyer. It will list the builder's rights and obligations along with the sale agreement.
* All Developers will have to disclose all the requirements under the MOFA (Maharashtra Ownership Flats Act ).
* If any member is found to be violating the code, issue will be referred to the redressal committee. If the member is found guilty, his membership can be suspended till the issue is resolved.
Very good idea and Best practice..! will all other Indian states follow this?
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