Despite a proposal from the revenue department introduced a year ago, the state government has yet to grant approval for the introduction of vertical property cards for flat owners, according to senior revenue officials. These proposed cards aim to contain crucial details like ownership information, carpet area, and bank loans, with the broader goal of mapping vertical urban and rural expansion. This initiative would serve to establish an independent record of rights and registrations for individual residential apartments, improving ownership documentation. Currently, there's no specific document proving ownership for flat owners in residential buildings, making this approval crucial to streamlining property transactions and reducing legal disputes in the real estate market.
A year has passed since the revenue department presented a proposal for the introduction of vertical property cards for flat owners, yet the state government has not given its approval for the initiative, senior revenue officials revealed on Wednesday. These proposed cards are designed to contain vital information, such as ownership details, carpet area, and bank loans availed, with the overarching goal of mapping the vertical expansion of urban and rural areas.
The introduction of these cards would serve the dual purpose of maintaining an independent record of rights and registrations for individual residential apartments, stated a senior revenue official. In spite of recommended changes from the law and judiciary department having been integrated into the proposal and resubmitted last year, the government has yet to provide its official endorsement for the proposal.
Currently, the state issues property cards for land in urban areas and 7/11 extracts in rural regions, which establish the ownership rights for individuals or multiple parties. However, there is no existing document to prove ownership for individuals with flats in residential buildings on plots. This discrepancy prompted the revenue department to introduce the Maharashtra Land Revenue Code, Record of Rights and Registers for Apartments and Buildings Rules under the Maharashtra Land Revenue Code of 1966, enabling the issuance of vertical property cards to flat owners.
Upon the implementation of these new rules, the current property cards or 7/12 extracts will become the primary ownership documents, with vertical property cards serving as supplementary documents.
The awaited approval of this proposal represents a significant step toward creating a comprehensive record of property ownership and providing greater security for those involved in the real estate market. As property transactions continue to be a crucial part of the real estate landscape, the introduction of vertical property cards is expected to have a positive impact on the industry, streamlining property transfers and reducing the risk of legal disputes.
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