♠ Posted by Unknown in Bangalore Real Estate News
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| 9 Rock solid points on real estate regulatory bill passed by rajya sabha today |
Yesterday after so long a pause and waiting the Real Estate
Regulatory bill was finally passed by the upper house of the parliament, the
Rajya Sabha. The bill is expected to bring about a radical change in the
functioning of the real estate sector of the country bring in transparency,
fast delivery and overall benevolence to the customers. The reformative measures
that the bill proposes to bring have been enumerated by the experts and we try
to list the key reforms introduced in the sector.
- The Bill proposed to bring in a state Real Estate Regulatory Authority (RERA) for any particular state or union territory. This will be the primary government body to be approached for any grievances of the public or the customers or consumers against any of the builders. This has to happen once each state government approves and applies this Act of Parliament and they go ahead on establishing state machinery as proposed in the ACT.
- This law will be equally applicable to govern as the real estate regulator for both, commercial and the residential sector and transactions pertaining to both.
- The bill makes it obligatory for all the developers and builders to post all the information regarding the plans of the projects, layout plans, status of land title, sub-contractors of the project and their details, schedule of completion as per the RERA. These information will be in effect be passed to the customers by RERA.
- This law makes it mandatory for the builders to sell on the carpet area basis instead of super built up area basis.
- As per the real estate bill laws and norms the developer is not liable for any damages if there is delay in completion of the projects. This Bill ensures that the developer is liable to pay damages and same rate of interest to the buyer if there is any delay at the rate the customer has to pay to the bank for EMIs.
- There are penalty for the developer for fine and imprisonment up to three years in case of violation of the order of the appellate tribunal of the RERA. The imprisonment can go up to a term of three years with or without the levying of fine.
- If the buyer notices any defect in the construction or any services not done according to the agreement then the buyer can contact the builder within a year of taking possession of the property.
- The developer is restricted to do any changes in the plan that has been proposed to the buyer during selling.
- All the projects measuring more than 500 metres in square area or having more than eight flats or apartments has to be registered with the concerned RERA of the region.