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New bill likely to replace MOFA under review: Maharashtra cooperation minister
Dated on: Tuesday 14th March 2023On Wednesday, state cooperation minister Atul Save informed TOI that the government was closely evaluating the text of the new Maharashtra Transfer of Title in Real Estate Project Bill, which is expected to replace the existing Maharashtra Ownership of Flats Act (MOFA), 1963. He stated that the draught bill would be discussed with all parties before being approved. The proposed law addresses conveyance documents of housing societies that are not covered by the RERA Act.
He stated that his department was reviewing the draught of the Maharashtra Transfer of Title in Real Estate Project Bill, which emphasises the completion of conveyance deeds by developers within three months. Developers' organisations have urged that the current MOFA be replaced. According to state cooperation department officials, the draught bill states mandatory occupancy certificate (OC) for carrying out conveyance deeds, in contrast to the MOFA, which issued a GR for authorising considered conveyance without the OC following a self-declaration that it would be done later.
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