Real Estate Bill is a initiative to regulate real estate sector and to protect the interest of home consumers, to encourage fair play in real estate transactions and to ensure timely execution of projects.
The main aim of the Bill is to restore the confidence of the general public in the real estate sector, by providing transparency and accountability in real estate and housing transactions.
Here are some facts which will benefit the real estate buyers:
1) Earlier, it was only applicable to residential real estate. It is now proposed to cover both residential and commercial real estate.
2) Now, each state will have a establishment of one or more ‘Real Estate Regulatory Authority'or one Authority for two or more States, by the Appropriate Government to keep a eye on real estate transactions.
3) To appoint one or more adjudicating officers to settle disputes. Real Estate Appellate Tribunal to hear appeals from orders of the Authority and the adjudicating officer
4) Now, it will be mandatory registration of real estate projects and real estate agents who intend to sell any plot, apartment or building, with the Real Estate Regulatory Authority.
5) The real estate agents should compulsorily disclose norms for all registered projects such as details of promoters, project, layout plan, plan of development works, land status, status of statutory approvals and disclosure of proforma agreements, names and addresses of real estate agents, contractors, architect, structural engineer etc.
6) Real estate agents who sell properties registered with the Authority, should maintain books of accounts, records and documents.
7) Fifty per cent of the buyers amounts to be deposited in the separate account in a scheduled bank. The amount should be used to cover the cost of construction only.
8) Promoter cannot alter plans, structural designs and specifications of the plot, apartment or building without the consent of two-third allottees after disclosure. However, minor additions or alterations permissible due to architectural and structural reasons.
These measures are expected to boost domestic and foreign investment in the sector and help achieve the objective of the Government of India to provide ‘Housing for All by 2022'.