All flat owners in MahaRERA-registered projects are expected to be given Vertical Property Cards shortly. The state government of Maharashtra issued a proposal in 2019 for issuing property cards to flat owners in MahaRERA-registered housing projects. The proposal is expected to be approved soon.
When announced, the proposal drew a lot of objections and suggestions, following which a committee was formed to review the proposal and submit its recommendations before the State Government of Maharashtra.
As per the Revenue Department, the discussions on this draft were underway with the involvement of the Hon. Revenue Minister and the proposal is expected to be approved soon. However, the process for issuing property cards would be finalized only after the final approval.
Continue reading to know the property card meaning, what its benefits are, and how one can get a vertical property card.
What is a Vertical Property Card?
A vertical property card would be given to all flat owners in MahaRERA-registered housing projects. This card will contain the details of the property, including the property/project name, carpet area, flat/apartment number, the name of the owner, bank loan details, and others.
The aim of issuing a vertical property card is to map the growth of vertical properties in cities and rural areas. It will also help maintain a separate record of ownership rights for individual flats or apartments in MahaRERA-registered projects.
What are the Benefits of a Vertical Property Card?
As mentioned, issuing a vertical property card aims to measure the vertical growth of real estate in cities and rural locations. Let’s look at how a vertical property card can help a flat owner in Maharashtra:
1. Establish ownership rights for a vertical property
Currently, the Government of Maharashtra is issuing property cards for urban locations and 7/12 extracts for rural areas. Although these cards define the rights of an individual or group, they fail to specify which person owns which flat in a building or project constructed on a particular plot.
However, a vertical property card is expected to solve this problem. It will clearly define the property owner’s name and the project’s name, flat number, carpet area, bank loan information, and other details.
2. Help maintain the ownership records for vertical properties
The Government of Maharashtra is planning to bring the Record of Rights and Registrars for Apartments and Buildings under the Maharashtra Land Revenue Code of 1966 to pave the way for the issuance of vertical property cards.
Currently, around 56 lakhs of property cards for plots and approximately 2.5 crores of property cards for 7/12 extracts have already by issued by the Government. But there has yet to be an official record for vertical properties, such as flats, apartments, etc.
However, the issuance of vertical property cards will help create a separate record for the ownership of vertical properties in Maharashtra.
3. Make buying and selling apartments less risky
In the absence of a proper record of the ownership rights for vertical properties, buying and selling real estate used to be lengthy and cumbersome, especially in rural locations. Additionally, buyers, as well as sellers, were exposed to the risks of property fraud.
However, the issuance of vertical property cards is expected to make things easier for property buyers and sellers. It will result in cleaner property titles and increased property ownership transparency, reducing the risk involved in a homebuying process.
When is the Government Expected to Release Vertical Property Cards?
Although the Government has yet to finalize a date, the issuance of property cards for flat owners in Maharashtra is expected soon. Most likely, it is expected after a go-ahead in the upcoming Assembly session in July 2023.
As per the Settlement Commissioner’s Office, the issue of vertical property cards would be conducted in a phased manner to the authorized flat owners.
Although it will be given to all flat owners in the future, the first in line to receive this card are those who own a vertical property in registered projects of the Maharashtra Real Estate Regulatory Authority (MahaRERA).
So far, no official document can help prove a person’s ownership rights in Maharashtra for vertical properties, such as flats or apartments. To rectify this, the Revenue Department decided to bring the Record of Rights and Registrars for Apartments and Buildings under the Maharashtra Land Revenue Code of 1966. The record will allow the State Government to issue Vertical Property Cards. Post the issuance of these cards, they will become the primary ownership document for properties in Maharashtra.
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