Developers' body, Maharashtra Chamber of Housing and Industry (MCHI), on Wednesday said the state government is likely to put in place the much talked-about housing industry regulator "within a month".
"You will see an announcement (of putting a regulator in place) soon...within a month. We are jointly drafting the rules with the Government," MCHI's President, Sunil Mantri, told reporters in Mumbai.
Mantri said the regulator's ambit would involve quality of construction, ensuring timely possession and putting in place a condition where no developer can take money from buyers till he has the requisite permissions to commence construction.
However, he did not comment when asked whether the regulator would also oversee pricing.
"The Central Government has also prepared a draft which has received over 5,000 suggestions. We have some reservations on it and thought it good to start negotiations with the Maharashtra Government on our own rather than waiting (for the Centre to pass the Act)."
The proposed regulator in Maharashtra will have one or three retired IAS officials on it and will be put in place by making necessary amendments in the Maharashtra Ownership Flats Act (MOFA).
"We can have a regulator because we have MOFA. It will have quasi-judicial powers and we will be the first state to have such a body," he said.
Developers have recommended levying of fines on errant developers by the regulator but not to include criminal action in the body's powers, Mantri said.