representative image Pune: The state government is ready to deliberate on a revised proposal to issue vertical asset card to flat owners, revenue officials said on Tuesday.
This initiative focuses on documenting vertical expansion in urban and rural areas. The proposed card will serve as a comprehensive document that will include important details such as ownership rights, carpet area measurement and information about bank loans secured against the property.
“The card will act as an independent record of rights and a register for individual residential apartments,” a revenue official said.
The concept, which has been under discussion since 2023, was presented in its revised proposal ahead of the Lok Sabha elections this year. Officials have indicated that the government is now ready to move forward under the leadership of current Chief Minister Devendra Fadnavis, which would mark a significant change. property documentation Ways across the state. “This will be a game changer and will ensure transparency and reduce fraudulent activity,” the official said.
For the vertical property card, the revenue department has submitted suggested amendments to the records of apartments and buildings rules and registers to the government. Maharashtra Land Revenue Code, 1966. Another revenue official said, “Once the new rules are implemented, the current property card or 7/12 extract will become the principal document of ownership. The vertical property card will be the supplementary document.”
Officials said the implementation will streamline property records and potentially simplify property-related transactions in the future.
The move is a push towards clean property ownership that will make buying and selling of apartments less risky. Officials said a phased implementation is expected – starting with Maharashtra Real Estate Regulatory Authority (MaHARERA)-registered projects.
The state issues property cards for land in urban areas and 7/11 details in rural areas. These cards define the ownership rights of a person or multiple people. But there is no document to prove the ownership of a person owning a flat in a residential building on a plot.
Civic activist S Joshi said the government has been talking about this initiative for more than two years. “This will bring transparency and details of flat owners will be available in a single click. If the government really intends to introduce such a seamless property ownership system then it will be a good initiative.”
