Mofa Full Form in Real Estate
To answer this question, we must first take a close look at both decrees. The short title of the MOFA provides that it was promulgated to regulate the promotion, construction, sale and management, as well as the transfer of apartments on a real estate basis. On the other hand, RERA envisages that it aims to establish a real estate regulator for the regulation and promotion of the real estate sector with the main objective of protecting consumers. Since both decrees were aimed at protecting the interests of the final purchaser of the final consumer against defects, mofa`s liability period under Article 7 was 3 years, which was then extended by RERA up to 5 years. In addition, under the MOFA, it was not mandatory for project proponents to register their projects since there was no regulatory authority. But with the creation of RERA and the creation of the Real Estate Regulatory Authority, it became mandatory under Article 3 of the RERA. The only requirement that existed under the 1963 MOFA was to register the agreement before accepting an advance payment. Although the law deals with the same issue, it remains contradictory. The reason for this distinction lies in the fact that RERA is much broader in terms of operation and framework compared to MOFA. Mofa deals only with “apartments”, while RERA covers the entire real estate sector and includes apartments. In addition, the mechanism for resolving complaints or registering complaints by the buyer has not been dealt with under the MOFA, but the buyer must go to a civil court. On the contrary, reRA provides for and establishes a mechanism for appealing complaints and registering complaints with the AMF.
In addition, mofa belongs to such a class of such laws, which were more regulatory in nature, instead of rera creates an environment for the operation and development of the real estate sector. Based on the above reasoning, it can therefore be concluded with certainty that the adoption of RERA marks the end of the abuses and anti-consumer practices that existed in the real estate sector. In doing so, it opens a new path to the creation of a business ecosystem in the real estate sector focused on the well-being of consumers. The MOFA entered into force in 1963. It regulates the sales management and ownership of apartments in Maharashtra. MOFA is one of the regulations used in the state real estate sector. It helps to establish the duties and rights of buyers and property developers in Maharashtra. RERA is a central law that aims to create a uniform legal framework for the management of real estate throughout the country. Maharashtra adopted RERA in 2017 and has since established a regulatory body. The real estate sector is one of the main drivers of the Indian economy.
According to reports by the Indian Brand Equity Foundation (IBEF), the real estate sector is expected to contribute thirteen percent to the Indian economy by 2025. It is therefore essential to provide a regulatory system based on a sound legal framework. In this context, the Real Estate (Regulation and Development) Act was passed by Parliament in 2016 to serve as a panacea for the growth of the real estate sector. The main objective was to ensure systematic growth in the real estate sector. However, RERA was not the first of its kind, although it is unique in that there were already laws on similar topics before the adoption of RERA. One such law was the Maharashtra Property Apartments (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963, popularly known as MOFA, which is later repealed by section 56 of the Maharashtra Housing (Regulation and Development) Act 2012, entered into force on 6 September 2015. Therefore, the question that arises in this regard arises first and foremost: what is the main difference between the two decrees? In the next section of this article, PCPL can help home buyers know the difference between RERA and MOFA. Some information about MOFA and RERA that you need to know is listed below: RERA (2016) is a central law enacted to introduce a single regulatory framework for real estate across the country. Each state and territory of the Union had to issue its own RERA regulations and establish its own regulatory authority in accordance with the regulations.
Maharashtra passed its RERA act in 2017. As there was no degree of authority, proponents did not have to register their projects under the MOFA. However, the establishment of the Maharashtra Real Estate Authority has contributed to the need for Mumbai property developers to register their projects under Section 3 of the RERA. The registration process under RERA helps to reduce liability cases for defects in the realistic sector. To make sure you get the best deal, you need to check the registration details before making any final decision. Origin of the order At common law, an order is a formal written order issued by an agency with an administration. With the huge competition in the Mumbai real estate market, all reputable developers in Mumbai strive to use the best contractors, architects, design experts and products in the development of their respective projects. However, the fear that many developers face is that such strict PROVISIONS of RERA could be misused by some unscrupulous allies as a tool of harassment and ways to achieve much more than the law requires or their demands. Registration is not required for developers and organizers.
Obligation to register marketing agents with the RERA authority. According to RERA`s definition, the carpet area is the “usable” internal area of your property. This is the entire floor area of your property, except for the area covered by the walls, terrace, balcony or any other room that is outside the walls and surrounds the usable area of your property. In development projects, it is important to ensure that the quality of the product delivered by a developer to Les Allottees is good and durable. If defects occur within a certain period of time, the law requires the developer to use high-quality materials and resources for construction. In Maharashtra, the Maharashtra Property Apartments (Regulation of the Promotion of Construction, Sale, Management and Transfer) (MOFA) Act 1963 provided a remedy for structural deficiencies. The Real Estate (Regulation and Development) Act, 2016 (RERA) has made regulation much stricter for developers and more beneficial for home buyers. For Maharashtra, the provisions of RERA take precedence over the MOFA provisions on liability for defects. RERA stands for Real Estate Regulatory Authority (RERA) Act MOFA only covered structural defects in a defective building or material. (By Sudip Mullick, Partner, Khaitan & Co, and Harsh Parikh, Senior Partner, Khaitan & Co) With any residential project, one must ensure that the new residential apartments in Mumbai delivered by the contractor to the buyer are durable and good. .