"The Act will remove information asymmetry by ensuring full disclosure by promoters or developers and also ensure compliance of agreed terms and conditions between developer and the flat buyers," he said.
He was speaking at a function on the occasion of the 52nd anniversary of the formation of the State of Maharashtra, at Shivaji Park in Dadar here.
The State Government has decided to provide houses to mill workers at reduced and affordable rates, the Governor said.
Altogether 6,948 houses have been constructed by the Maharashtra Housing and Area Development Authority (MHADA) for the mill workers, he said.
Mentioning that the cost of each house in the multi-storied buildings has been reduced from Rs 8.34 lakh to Rs 7.50 lakh, he said free houses will be given to the next kin of the mill workers, who lost their lives in the Samyukta Maharashtra movement.
Chief Minister Prithviraj Chavan, Chairman of the Maharashtra Legislative Council Shivajirao Deshmukh, Minister for Protocol Suresh Shetty, former Chief Minister Manohar Joshi and Mayor of Mumbai Sunil Prabhu were present.
Earlier, the Governor unfurled the National Flag and inspected the ceremonial parade.
The Governor, accompanied by the Chief Minister, also felicitated 13 former mayors of Mumbai at a function organised by the Mayor of Mumbai Sunil Prabhu at the Mayor's Bungalow.
Former Mayors Manohar Joshi, Diwakar Raote, Nirmala Samant Prabhawalkar, Mahadeo Deole, Vishakha Raut, Shubha Raul, Shraddha Jadhav, Manmohansingh Bedi, Prabhakar Pai, R T Kadam, Hareshwar Patil and Dr Shanti Patel were felicitated on this occasion. PTI VT NP
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