Realty factor: Vinod Sampat
Vinod Sampat Senior advocate and expert on realty and property related issues
Q.Till what period should the defects in construction be rectified by the builder?
A. For a period of three years from the date of taking possession, the defects in construction are to be rectified by the builder/promoter as per the provisions of Section 7 of the MOF Act.
Q.Can the promoter mortgage the property or land without the previous consent of the flat purchasers?
A. Section 9 of the MOF Act stipulates that mortgage of the land cannot be done without the written consent of the flat purchasers. Normally, builders have a clause in the agreement, which permits them to pledge the property and consent of the flat purchaser is taken in the said agreement.
Q.Who is the competent authority for the purpose of Maharashtra Apartment Ownership Act 1970?
A. As per the provisions of sec 10 (2), the Registrar of Co-op Society is the competent authority who exercises powers under the provisions of Maharashtra Apartment Ownership Act 1970. Very few orders passed by competent authority have resulted in property card transferred in favour of legal entities.
Q.Can a Builder, Promoter, accept any amount before executing an agreement?
A. Section 4 of the MOF Act stipulates that the Promoter, who is normally the Builder before accepting payment of more than 20% is duty-bound to execute an agreement and the said agreement has to be registered under the provisions of the Indian Registration Act. The agreement should be as per Form V of the model agreement. The items that should be included in the agreement are mentioned in section 4. We may add that the model agreement is a part and parcel of MOF Act.
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