Land title insurance is a form of indemnity cover, which insures builders and customers against financial loss from defects in title to real property, among others.
The Maharashtra cabinet on Wednesday cleared the “vertical property rules” to create a database of all flats, buildings and commercial complexes in a bid to check fraudulent transactions.
Only 2.17 lakh units have been constructed in Maharashtra against the target of 19 lakh affordable houses by 2020.
The development cost or cost of construction of a project shall not include marketing and brokerage following the sale of apartments, states the latest amendment.
The change has been effected in accordance with the amended rules issued by the Maharashtra Housing Department on June 6, MahaRERA officials said.
The panel would prepare a blueprint for project completion. The blueprint would consist financial details and a detailed roadmap towards arranging the said finances.
The SOP would bring relief to homebuyers as around 80% complaints reaching MahaRERA pertain to delay in project completion.
A 1% hike in stamp duty for a house costing Rs 40 lakh would translate into Rs 40,000 — an additional expense which any buyer in the category could have utilized for other purposes.
Nearly 90% of the complaints registered with the MahaRERA are regarding the delay in execution of projects.
Many homebuyers and have been in and out of both the civil and MahaRERA courts, fighting battles for incomplete projects.
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