Real Estate Bill Cleared

Dear Friends:

The Modi government on Tuesday approved changes to a Bill that seeks to regulate the country's property market, notorious for black money and delayed possessions.

We had submitted our Real Estate issues list late last year and the bill addresses many of those issues.

Termed as the Real Estate (Regulation and Development) Bill, it is designed to protect the interest of consumers from errant developers and ensure timely execution of projects. Here are some of the key benefits as highlighted by NDTV/Firstpost and other media.

Here are 10 ways how the Bill will help property buyers:

1) Each state will get a real estate regulator, which will settle disputes and impose compensation. All housing and commercial projects will have to be compulsorily registered with the regulator so that buyers can have access to genuine projects. Ongoing projects that have not received completion certificates will also be covered.

2) Developers cannot advertise or launch projects without prior registration with the real estate authority.

3) Sale of property on the basis of super area (area in which a flat is spread plus common area such as lobby) will be prohibited. Developers will have to advertise carpet area, which is the area enclosed within the walls of a flat, for sale.

4) Developers will have to disclose layout plans and submit clearances with the regulator. They will also have to name the contractor, architect, structural engineer, etc. associated with the project. This will ensure transparency about property projects.

5) To ensure projects are completed on time, promoters will have to deposit 50 per cent of the amounts realized from buyers in a separate bank account within 15 days.

6) Developers will need the consent of two-third buyers to alter plans, structural designs and specifications of the building. They will have the responsibility to rectify structural defects and refund money in cases of default.

7) Brokers, who intend to sell flats and plots in a project, will also have to get registered with the real estate regulator. They will be punished for non-compliance.

8) Buyers can claim refund with interest and compensation if promoters fail to deliver projects in time.

9) If rules are violated, projects will be de-registered and penalties will be imposed on the developer. Noncompliance will attract fine up to 10 per cent of project cost. Misinformation will attract fine of 5 per cent of project cost.

10) Builders often demand part payment in cash, making many ordinary buyers party to corruption. The Bill will help curb undeclared "black money" in property markets that costs the government billions of rupees in lost taxable income. more  

View all 140 comments Below 140 comments
corruption is everywhere but a New Starting can change a bit.... after all pre-mindset is not the solution after all this government is showing his presence.... why not welcome it for new Dawn!!! more  
Indians like gimmics, so there is a low feel of "Acha Din" more  
practically looks impossible as every project cant be registered with the regulator it will increase corruption to get the project registered. seprately it should be linked with every Town planning office and muncipality office so it ges directly registered with the regulator. But for that too corruption in Town planning and collectorate has to be curbed first. more  
In India Judiciary can not be challenged, it's only consumer who will suffer, tell me the example where guilty have been punished in India. Money plays a greatest role in Indian system. Every body speaks that language only. more  
Dear Chandorkar,If Modiji has to go to each and evry farmers house,who commits suicide? Why have the state govts?Have a Presidential form of govt,which should be responsible for all that happens in the country.Who will go and sell your plans abroad? Who will go and seal the deals like import of valuable fighters from France?Who will go and sign the nuclear fuel deal? Let us start asking these questions to the CMs of the states,so that they are accountable for their actions and not the PM.He has to look after the affairs of the country. The deaths by the farmers are because of the weird weather,that has hit the regions,damaging the crop. No PM or CM can control the weather.It is at best taken as a curse of the Gods and we have to prepare ourselves to face them. more  
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