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What is MOFA in property?
MOFA Stands for Maharashtra Ownership Flat Act (MOFA) RERA Stands for Real Estate Regulatory Authority (RERA) Act. This Act came into force from 6th Sept 2015. This Act came into force from 1st May 2016. MOFA covered only structural defects in a building or any defective material used.
What is the MOFA act?
The Maharashtra Ownership of Flats (Regulation of the Promotion, Construction, Sale, Management and Transfer) Act, 1963 (“the MOFA”) has been enacted to regulate the promotion, construction, sale, management and transfer of flats sold on an ownership basis within the State of Maharashtra.
Is MOFA still applicable?
The Maharashtra Ownership Flats (Regulation of the Promotion of Construction, Sale, Management and Transfer) Act, 1963 (MOFA) was repealed by the Section 56 of Maharashtra Housing (Regulation & Development) Act 2012 (MHA).
When any promoter is convicted of any Offence under MOFA?
– (1) Any promoter who, without reasonable excuse, fails to comply with or contravenes, the provisions of section 3, 4, 5 [save as provided in sub-section (2) of this section], 10 or 11 shall, on conviction, be punished with imprisonment for a term which may extend to three years or with fine, or with both.
What is deed of declaration in Maharashtra?
Deed of Declaration is a legal document signed and registered according to the law. The document gives an in-depth description of the land on which the building is to be constructed. It also states the status of the land, whether the land is freehold or leasehold.
What is carpet area as per MOFA?
According to the MOFA definition, carpet area includes the entire floor area of your property along with the area covered by the balcony.
Who is promoter under RERA?
Under RERA, a promoter is defined as a person who is entrusted with the task of promoting the project, which was developed or constructed by the developer.
What is MOFA carpet?
What is MOFA in India?
The Maharashtra Ownership of Flats (Regulation of the Promotion, Construction, Sale, Management and Transfer) Act, 1963 (“the MOFA”) has been enacted to regulate the promotion, construction, sale, management and transfer of flats sold on an ownership basis within the State of Maharashtra.
What are the liabilities of a promoter under the MOFA?
Section 4 of the MOFA (Maharashtra Ownership of Flat Act), before accepting any payment as advance payment or deposit from a flat purchaser, the Promoter has a liability to execute a written agreement in the prescribed format with every flat purchaser and to get this agreement registered under the Registration Act.
What does “ownership basis” mean under the MOFA?
Section 3 of the MOFA ( Maharashtra Ownership of Flat Act ) casts onerous responsibilities upon a promoter who constructs a building of flats which are to be “taken on ownership basis”. It is strange that though the term “ownership basis” has been used in the MOFA it has not been defined anywhere.
What does MOFA say about parking spaces?
Section 80 of MOFA states that any parking space available should be well-marked to avoid any chance of inconvenience and dispute. Members are required to abide by the allocated parking space number and its boundary.