Good News for Home buyers in India - A Real Estate Bill Passed
The real estate sector has always been known for its opaque functioning, which is reflected in form of so many discrepancy cases in the past. Here's how Real Estate Bill aims to change this impression.
- (1888PressRelease) March 22, 2016 - The Real Estate Regulatory Bill was tabled in the Parliament few days ago and it is now approved and passed as a law.
The Government is hoping that this real estate development bill will be able to bring transparency and accountability in the real estate sector. It is believed that the bill will help facilitate long term growth for investments in the real estate sector.
As the bill is passed in the parliament, the best way to analyze the effectiveness of it is by understanding the fact that the kind of impact the bill would have on the common people.
There are five major new real estate rules of the bill are as follows -
1. Mandatory Registration (RERAs) - In Indian real estate sector, while buying a property, many times it happens that the project or builder is not registered and there are cases of money laundering or fraud. Now if you are looking to buy a property make sure that the project you are choosing is registered with at least the state level authority named as Real Estate Regulatory Authorities (RERA). All types of builders, small projects, and commercial buildings have to undergo compulsory registration. Launching or advertising cannot be done by the developer before registering.
2. Transparent and Easy Registration - The building or possession process will not get stuck due to procedural problems. The builder is in possession of all the documents, like the layout plan, name of the contractor, engineer, architect and etc. that are a part of the project. The details regarding website are explained in the RERA website. It makes the entire process more credible and transparent.
3. No Opaque Practices - There have been incidences where the buyer has witnessed a fraud while buying a property. After this bill is passed, the developer will not be able to change the plan once the layout is registered. The developers will need proper consent from two thirds of occupants of that property. And most importantly, properties will now only be sold on the basis of carpet area. Real estate agents and brokers have to be very cautious while making commitments to the buyers.
4. Refund for Delays in Projects - If there is a delay in the completion of a particular project then the buyer will have to be compensated. A proper schedule has to be disclosed to the buyer. If there is a delay then the buyer can claim for a refund with interest and other compensation.
5. Consumer Court Set-up - If there are still grievances of the buyer then they have the option of approaching the consumer court. A fast track court has been setup under the District Judge who will look after the real estate cases. These appeals will be heard by Appellate Tribunals.
Conclusion - The bill puts a lot of emphasis on the problems faced by local buyers. Buying property in India will become less troublesome. This bill is going to help ensure that there are fewer frauds and prolonging of enabling possession to the buyer. It puts the right amount of pressure on the promoters while giving the right amount of power to the buyers.
About City Estate Management:
City Estate Management is real estate service provider; an ISO 9001:2000 companies based in Ahmedabad. We boast of an experience of over 14 years in the real estate industry by catering to property buying, selling and renting/leasing services for a wide spectrum of residential, commercial and hospitality segment.
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