Get Mofa- Statement Of Objects And Reasonspdf - Real Estate India

The latest amendment to the Maharashtra Ownership of Flats Act introduces provisions to improve accountability among developers and enhance buyer protection. It includes measures such as stricter penalties for non-compliance and clearer guidelines on the sale of flats. Keeping informed about these amendments is important for current and prospective flat owners, as it directly impacts their rights and responsibilities under the law.

The flat and ownership Act in Maharashtra, officially known as the Maharashtra Ownership Flats Act 1963, regulates the ownership and management of flats in the state. It aims to safeguard the interests of flat purchasers and establish a legal framework for builders and buyers. This legislation is essential for ensuring fair practices in the real estate market, offering buyers clarity and protection in their investments.

Section 6 of the Maharashtra Ownership Flats Act 1963 is instrumental in ensuring transparency in real estate dealings. It requires developers to provide detailed information regarding the flat and overall project, which protects buyers from misleading information. By engaging with this section, buyers can make informed decisions when purchasing property, making it a vital aspect of real estate in India.

Section 6 of the Maharashtra Ownership Flats Act 1963, commonly referred to as MOFA, outlines the rights and responsibilities of flat owners and developers. This section emphasizes the necessity for a written agreement and mandates the developer to define the flat's area, the building's details, and the amenities provided. Understanding this section is crucial for anyone involved in real estate transactions in India, as it informs their rights and potential obligations.

If an NRI purchases immovable property in India from a resident, he must deduct TDS at 1% if the sale consideration exceeds Rs 50 lakh. If the NRI purchases a property from a non-resident, and if long-term capital gains are applicable, then TDS should be deducted at 20%.

Foreigners residing in India, who have obtained valid long-term visas or resident permits, are eligible to purchase property in the country. Similar to foreigners residing outside of India, they need to adhere to certain conditions, such as the intended use of the property for residential purposes only.

Answer: Payment for immovable property has to be received in India through banking channels and is subject to payment of all taxes and other duties/ levies in India. The payment can also be made out of funds held in NRE/ FCNR(B)/ NRO accounts of the NRIs/ OCIs.

Any NRI can purchase land in India. This can be for residential or commercial purposes. There is no restriction or limitation on purchase of property by NRI in India. Also, NRIs do not need any special permission from the Reserve Bank of India (RBI).

Foreign nationals of non-Indian origin resident outside India can acquire/ transfer immovable property in India, on lease not exceeding five years and can acquire immovable property in India by way of inheritance from a resident.