How will Real Estate Regulatory Bill impact on common man

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Real Estate Regulatory Bill

Cabinet has finally cleared the much awaited Real Estate Regulatory Bill on 5th June 2013. This clearance will now bring a transparency in the real estate sector. If you are thinking how this Real Estate Regulatory Bill will help you or common people while buying a flat, then let us clear you that this bill has many good points which will now make buyer very strong. Builders and developers have to follow many guidelines before selling a flat or launching a
new project which definitely indicates that Govt. has given much power in buyers hand. Here in this article we will analyse top 5 impacts of this Real Estate Regulatory Bill and also share how this bill will stop builders and promoters to do a scam.


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Top 5 reasons to be happy as a property buyer

1. Now builders/developers can not make a false promise while launching a project. This is a very common thing in growing cities where initially attractive brouchers were spread-ed about a new project, but later on people discover that many things mentioned in the broucher is missing in the actual project. In such case according to this bill the penalty could be as high as 10 per cent of project costs (for first time offenders). For repeat offenders,
there could be a jail term of up to three years.

2.You might have seen many projects are launched as Pre-launch with a lesser price. Actually the purpose behind this for every developer is to collect some money from buyers before all necessary clearances. But after the launch of Real Estate Regulatory Bill this is not possible. Developer has to get all important clearances before they sell apartments.

3.Most of the time developers can not able to hand-over the new flat keys to buyer as per decided timeline. Even after making all the payment developer/builders misses the timeline. As per the Real Estate Regulatory Bill there is some clause to stop such practice. In case of a long delay in project the buyers are entitled to a full refund with interest.

4.It is also made mandatory for developers/builders to put aside 70 per cent of the proceeds of a particular project in a bank account according to the Real Estate Regulatory Bill. With this clause builders can not divert this amount to their other engagements. This means this fund has to be consumed in the respected project only which further ensure quick completion of the project.

5.This bill also make it mandatory for builders to declare the actual carpet area of a flat. Not the super built area. Generally carpet area means the actual area of the flat. But super built area includes common area, stairs and other areas which is 20-30% more than actual flat area. So builder has to make sure while they try to use this tricks to attract customers.

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So as real-estate market is booming in India, many developers/builders/promoter are trying to exploit customers by offering false amenities  starting a project on a disputed land or with proper approval etc. These issues are growing day by day. In such stage the main victims are the buyers as buying a home is a major investment in many people’s life. By clearing Real Estate Regulatory Bill Govt has really done a good job and set some standard parameter which is definitely on the good side of common people only. Let’s how this Real Estate Regulatory Bill will change our real-estate sector and how it help buyers in coming days.

image credit : www.realtyindiatoday.com
article source : www.ndtv.com

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