Vertical Property Cards Proposal Back with Maharashtra Government; Cabinet Nod Likely in June
Pune, May 8: The vertical property cards proposal is back with the Maharashtra government, with cabinet approval likely in June. This system will provide independent records of rights for individual apartments, detailing ownership, area, and loans, aiming to enhance property title clarity and reduce transaction risks.
What Are Vertical Property Cards?
The proposed vertical property cards will serve as an independent record of rights for individual apartments, detailing ownership, carpet area, share in the land, and any outstanding loans. Currently, the state issues property cards for urban land and "7/12 extracts" for rural areas, but there is no standalone document establishing ownership of an individual flat within a multi-storey building.
Implementation Plan
If approved, Maharashtra will become one of the few states to implement such a system. The rollout is slated to begin with MahaRERA-registered projects and newly constructed buildings before being extended in phases to older properties. State settlement commissioner Shailesh Nawal clarified that existing property cards will remain the primary ownership document for land, while vertical property cards will act as supplementary records for individual units.
Benefits for Homeowners
Revenue officials believe the move will map the state's vertical growth and provide much-needed clarity. It will ensure cleaner property titles and make transactions significantly less risky. Existing housing societies will need to apply for the cards once the policy is finalized. Realty experts welcomed the progress, saying it will lead to higher trust values, streamlined bank transactions for loans, and simplified inheritance processes.
Proposal Status
The proposal, pending for nearly four years, was recently sent to the law and judiciary department after incorporating suggested changes. Detailed guidelines regarding documentation, verification, and building mapping will be issued following the final notification. The system is designed to reduce property disputes, simplify the resale process, and create a transparent ownership trail.