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A Property card is a Government certified property ownership title document in Maharashtra. Property card as the Record of Right (RoR) provides detailed information about ownership of land and history of holders of land. In Maharashtra, property card is issued by local authorities to establish ownership in urban areas while for rural areas 7/12 extract is issued.
The Importance of a Property Register card is listed below:
It certifies the real owner of land in an urban area.
It helps to detect false claim on the urban area lands.
The mutation entry of the owners name in his property card prevents land grabbing.
It can be used in court litigations related to land in an urban area.
Property card will help the holder avoid any legal hassles in the future.
Property card in Maharashtra contains the following details:
Land Owner Title (Name) and changes in ownership title
City title survey number of the land
Location of the land
Plot number
Area of land in square meter
Encumbrance and mutation record
Details related to loans taken by the landowner from Government agencies
Details of pending litigations
Details of paid and unpaid taxes levied on the land
RERA ACT
The Real Estate (Regulation and Development) Act, 2016 has been in force since May 2017. This law was implemented to guide and supervise the real estate sector. The Maharashtra Real Estate Regulatory Authority (MahaRERA) is the body that governs the real estate sector in Maharashtra.
Registration under MahaRERA is compulsory for each and every residential and commercial project having plot area exceeding 500 sq.mtrs. and more than 8 units. Real estate builders are not permitted to advertise, book or sell any real estate without registration.
Mandate of MahaRERA:
Have real estate projects and agents registered.
Usher in transparency in the sale of flats, plots and buildings.
Protect customers, allottees, real estate agents and promoters who are involved in real estate transactions.
Facilitate dispute resolution through a dispute settlement method.
Create an appellate tribunal which buyers can approach to resolve disputes.
Provide recommendations to the appropriate government authorities in matters related to development and promotion of real estate.
Advantages of MahaRERA:
MahaRERA governs the real estate sector in Maharashtra & regularises the same.
It offers a number of benefits to consumers, builders and real estate agents.
It ensures that Real estate developers do not advertise, book or sell any real estate without registration under MahaRERA.
MahaRERA promotes High level of transparency to all customers by providing all the information pertaining to the project he has purchased his property in, along with its progress.
It has increased accountability and Adherence to Law and Order for developers thereby reinforcing increased trust of customers in the Real Estate sector.
MahaRERA promotes fair business practices and overall growth of the Real estate sector.
To summarise it all, MahaRERA has come as a blessing to real estate customers in Maharashtra, who can now buy their dream homes with added advantages and renewed confidence.
READY RECKONER RATE
A Ready Reckoner Rate (RRR) is the standard value of an immovable property assessed and regulated by the respective State Government in which the property is established. Here the word immovable property encompasses residential property, commercial property and land / plot.
It is a bid to ensure accurate valuation of real estate properties, all the state governments publish area -wise rates of properties on a yearly basis known as Ready Reckoner Rate (RRR). Also referred to as Circle Rate, a RRR differs across States, cities and localities. While RRR determines the minimum selling price of the property, there is no cap on the maximum property price or the market rate.
By definition, the market rate is a price that a buyer finally agrees to pay for a property based on amenities involved and the previous property transactions in a location. Most of the properties in India are sold at market rate, and since these rates are usually higher than RRR buyers end up paying more.
Overall, a RRR is a good indication of the price a home buyer has to pay in an area. Moreover, since the market rate is generally higher than RRR, it is recommended to invest in an area where the gap between the two is smaller because the increase in RRR would imply an increase in market rates. And a higher market rate would mean a higher property cost for buyers.
The Maharashtra Regional and Town Planning Act specify that every municipal corporation must prepare a development plan to be implemented over 20 years. The last time the development plan was prepared for Mumbai was in 1981 and it was adopted only thirteen years later, in 1994. Now in accordance to the MRTP Act a new Development plan, which would be valid for further 20 years has already been prepared and ratified by 2014 and will be in force till 2034 or till such time that the next Development Plan is prepared and adopted.
The current development plan defines land reservations- (that is land that is set aside for a specific public purpose) amenities, transportation networks and services through a coloured land-use map of the entire city. In order to prepare this plan, Mumbai Municipal Corporation has taken the assistance of leading consultant firms to collate and compile all of the data available on the city before making the plan.
For years, Mumbai’s Development Plans focused on residential real estate development. This time, the focus has been equally placed on commercial real estate with twin focus – decongesting existing CBD areas as also on extending the ‘walk to work’ aspect in newer locations. The Mumbai Development Plan 2034 brings in a serious effort to ensure the target of affordable homes is met within a reasonable time, given the opening up of various categories of land on which such construction was earlier not allowed.
This plan is also an important factor to ascertain the road access to a particular property to enable calculate the maximum permissible Floor Space Index (FSI) on the property.