The Union cabinet has approved amendments to the Real Estate bill 2013 and bringing a lot of relief to the billions of abode seekers or investors in the housing and commercial projects. This bill is yet now pending in Rajya Sabha, was originally directed by UPA government that was applicable for the residential sector. Currently, it is applicable for the commercial projects as well. The real estate bill with its amended provisions would be moved In the Parliament in the second half of the budgeting session.
10 Points Are Very Important-
• The establishment of one or more Real Estate Regulatory Authority in each State/Union Territory.
• It is very essential for all builders that they have to register the projects along with Real Estate Regulatory Authority.
• This bill has brought the greater accountability of builders towards the consumers and importantly reduces the delays and frauds.
• The proposed bill was valid for the housing sector. Now it covers the commercial sector as well.
• It firmly establishes a fast track dispute resolution mechanism through
adjudication and formation of a Real Estate Appellate Tribunal
It has become very necessary for builders that they have to maintain all the details of the projects like land status, layout plan, scheme of the development works and status of legal approvals.
•The description of the responsibilities of the builders
• Under the bill, the buyers have the rights to get the refund with interest and compensation in the case of the default by the builder, stage wise time schedule of the project, claim possession as per promoter announcement.
• The 50 % deposit is compulsory
• Under the bill, Promoters are striped from the structural designs, varying plans and latest specifications of the plot.
For more information, click on Kartik Infratown
10 Points Are Very Important-
• The establishment of one or more Real Estate Regulatory Authority in each State/Union Territory.
• It is very essential for all builders that they have to register the projects along with Real Estate Regulatory Authority.
• This bill has brought the greater accountability of builders towards the consumers and importantly reduces the delays and frauds.
• The proposed bill was valid for the housing sector. Now it covers the commercial sector as well.
• It firmly establishes a fast track dispute resolution mechanism through
adjudication and formation of a Real Estate Appellate Tribunal
It has become very necessary for builders that they have to maintain all the details of the projects like land status, layout plan, scheme of the development works and status of legal approvals.
•The description of the responsibilities of the builders
• Under the bill, the buyers have the rights to get the refund with interest and compensation in the case of the default by the builder, stage wise time schedule of the project, claim possession as per promoter announcement.
• The 50 % deposit is compulsory
• Under the bill, Promoters are striped from the structural designs, varying plans and latest specifications of the plot.
For more information, click on Kartik Infratown
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