The state government is likely to take a decision soon on the proposed vertical property card, giving details of flats’ ownership, carpet area and even bank loans.
The state settlement commissioner’s office submitted the proposal for vertical property cards. A senior official of the revenue department on Monday said they had a round of discussion on the concept. “We will take a decision only after evaluating all sides. We are likely to have more discussions on it. The proposal should ultimately benefit the citizens without any trouble,” said the official.
Officials from the state settlement commissioner’s office claimed that the supplementary vertical property cards would enable clean property titles. It is expected to start with MahaRERA registered projects. Then it would be rolled out to other projects.
The state-issued property cards for urban areas and 7/11 extracts for rural areas define the land ownership rights of an individual or multiple people. But there is no document available to prove the ownership of a person possessing a flat constructed on a plot.
To remove this deficiency, the state revenue department decided to bring the “Maharashtra Land Revenue Record of Rights and Registers for Apartments and Buildings Rules” under the Maharashtra Land Revenue Code, 1966. “It enables the state to provide a property card for flat ownership,” said a senior official from the state settlement commissioner’s office.
The draft to issue vertical property cards drew a lot of suggestions and objections. The committee constituted for vertical property cards submitted them to the state before the draft was framed.
“We have incorporated the suggestions of all stakeholders and submitted the draft to the state government. It will now have to take the final call regarding the proposal,” said the senior official from the settlement commissioner’s office.
The state government has been discussing the rollout of vertical property cards for the past four years. The proposal was earlier cleared by the cabinet in 2019.
The objective of issuing vertical property cards is to map the vertical growth of cities and rural areas. It would also help maintain an independent record of rights and register for individual apartments in projects. They would prevent property-related frauds, said another official of the revenue department.