The state government’s approval to the draft for issuing vertical property cards to flat owners of MahaRERA-registered projects is expected soon.
“There have been discussions on the issue at the level of the revenue minister and the draft should be cleared soon. The rules would be issued thereafter,” a senior official of the revenue department said on Wednesday.
The move would ensure supplementary vertical property cards for flats with details of ownership, carpet area, bank loan information and other details. The aim of issuing it is to map the vertical growth in cities and rural areas. It would also help maintain an independent record of rights and register for individual apartments in projects.
A revenue department official said the new record was a push towards cleaner property titles, making buying and selling of apartments less risk-prone. “Vertical property cards would be issued to flat owners in phases, starting with the Maharashtra Real Estate Regulatory Authority (MahaRERA)-registered projects. Then the scheme would be implemented in other projects,” said an official from the settlement commissioner’s office.
The draft to issue vertical property cards drew lot of suggestions and objections. The committee constituted for vertical property cards submitted them to the state before the draft was framed.
The state issues property cards for land in urban areas and 7/11 extracts in rural areas.
