A Year On, Maha Yet To Decide On Vertical Property Cards, Real Estate News, ET RealEstate
This was informed by the senior revenue officials on Wednesday. The proposed cards will carry details of ownership, carpet area, bank loan availed, among other information. The aim of issuing the property cards is to map the vertical growth in cities and rural areas.
“The cards would also help maintain an independent record of rights and register for individual residential apartments,” a senior revenue official said. He added that the changes suggested by the law and judiciary department had also been incorporated in the proposal and re-submitted last year. “We are yet to hear of the proposal even as it has been taken up for discussion in several meetings. The government is yet to clear it,” the official said.
Another official from the revenue department said the move is a push towards cleaner property titles that will make buying and selling of apartments less risky.
“Vertical property cards would be issued to flat owners in phases — starting with the Maharashtra Real Estate Regulatory Authority (MahaRERA)-registered projects. The scheme will then be implemented in other projects,” an official from the settlement commissioner’s office said on Wednesday.
The state issues property cards for land in urban areas and 7/11 extracts in rural areas. These cards define the ownership rights of an individual or multiple people. But there is no document in place to prove the ownership of a person owning a flat in a residential building on a plot.
Thus, 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 vertical property cards to the flat owners. “Once the new rules are implemented, the current property cards or 7/12 extract would become the principal document of ownership. The vertical property cards would be the supplementary document,” another official said.