2. Considerable construction activity is carried on in Mumbai by individuals and corporates. Public Financial Institutions have come forward to provide very substantial financial assistance in shape of bridge loans and construction loans to Builders and Developers and Home loans to flat Purchasers. This financial output has given entirely a new dimension to the construction industry in Mumbai.
3. The construction industry is set to create more and more housing stock to provide the same to the ultimate users in Mumbai on ownership basis.
4. It is recongnised in most cases that the land Owner has no expertise, experience, infrastructure, resources, co-ordinating or organizing skills to undertake development work in respect of any developable piece of land. This responsibility can be undertaken only by Developers having the above attributes.
5. The construction activities of the Builders and Developers in Maharashtra are regulated by the Maharahstra Ownership Flats Act, 1963. The full title of the Act is
“The Maharashtra Ownership of Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer Act), 1963”.
The Act has a very wide amplitude and imposes various responsibilities on the Builders/Developers which they may ignore to discharge only under the threat of penal proceedings including imprisonment.
6. The Builders / Developers