Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
The Maharashtra government plans to introduce vertical property cards for flat owners to improve documentation and reduce fraud. These cards will record ownership, carpet area, and loan details, supplementing existing urban property cards and rural 7/12 extracts. The phased rollout, starting with MahaRERA-registered projects, aims to streamline transactions and resolve ownership disputes. This initiative, under CM Devendra Fadnavis, will amend the Maharashtra Land Revenue Code, 1966. Officials believe the new system will enhance transparency and benefit stakeholders in the real estate market, offering clarity and confidence in property ownership.
The Maharashtra government is considering a new proposal aimed at creating vertical property cards for flat owners. This initiative is designed to improve how property ownership is documented in both urban and rural areas. Advertisement
The proposed vertical property card will provide essential information about each flat, including ownership rights, measurements of the carpet area, and details about any bank loans secured against the property. This card will act as an independent record of rights for individual residential apartments, which is a significant step forward in property documentation.
The idea of vertical property cards has been under consideration since 2023. A revised proposal was submitted ahead of the Lok Sabha elections this year, and officials are optimistic about moving forward under the leadership of Chief Minister Devendra Fadnavis. A revenue official noted that the initiative is expected to enhance transparency and reduce fraudulent activities in property transactions. The proposed changes will modify the existing Record of Rights and Registers for Apartments and Buildings Rules under the Maharashtra Land Revenue Code, 1966.
Currently, property ownership in Maharashtra is documented through property cards for urban land and 7/12 extracts for rural land. However, there is a lack of documentation for flat ownership within residential buildings. The vertical property card aims to fill this gap, providing a clear and reliable way to establish ownership of individual flats. Once the new rules are in place, the existing property card or 7/12 extract will remain the main document of ownership, while the vertical property card will serve as a supplementary record.
Officials anticipate that this initiative will streamline property records and simplify future transactions related to buying and selling apartments. The implementation is expected to occur in phases, starting with projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA). This phased approach is intended to ensure a smooth transition to the new system.
In addition to enhancing transparency, the introduction of vertical property cards could also help in resolving disputes related to property ownership. With a reliable record in place, buyers and sellers can have greater confidence in their transactions, potentially reducing the number of legal issues that arise from unclear ownership claims.
As the government prepares to move forward with this proposal, stakeholders in the real estate sector are watching closely. The vertical property card initiative represents a significant shift in how property ownership is documented in Maharashtra, and many are hopeful that it will lead to a more organized and transparent real estate market in the state.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
