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Good News for home buyers,real estate regulatory bill cleared by Lok Sabha

Posted by BrickAcres on March 16, 2016
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The Real Estate (Regulation and Development) Bill was passed by the
Lok Sabha, five days after its passage by Rajya Sabha.

Minister of Housing and Urban Poverty Alleviation Venkaiah Naidu
said after passage of this Bill, existing/ongoing projects would
not come to a standstill. It does not provide that the existing
projects should stop all operations until complied with the provisions
of the Bill.

Under the provisions of the bill, builders cannot advertise and sell
homes till all approvals are in place and the project is registered
with the regulatory authority that will be set up in every state,
alongside appellate tribunals for dispute resolution. Even ongoing
projects will have to register with the authority.

At the time of the registration, the developer will have to disclose
all project information including details of promoter, project plans,
including implementation schedule, land status, layout plan, status of
approvals, agreements, details of real estate agents, among many
others, empowering buyers.

A window of 3 months from the date of commencement of the said clause/
section has been given to the promoters for registration.The developers
need to to specify the project details of such apartments so that
prospective buyers will make informed choices, project status is known
to all and to ensure that the projects are completed on time.

It will protect consumer interest, ensure efficiency in transactions,
improve accountability of developers, boost transparency and attract
more investments, according to the government.

Home buyers will also now be able to buy homes knowing the carpet area
of the apartment rather than being sold based on the super built up

Also both consumers and developers will now have to pay same interest
rate for any delays on their part.

The mandatory registration for projects has been brought down to
500 sq m area, or those comprising eight flats. It also provides for a
clear definition of carpet area and a system that would require the
consent of two-thirds of the buyers in case there are changes in
project plans.

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