Rajya Sabha passed Real Estate (Regulation and Development) Bill 2016 on Thursday. The bill provides for the establishment of the Real Estate Regulatory Authority. Pending the passage of the Bill before 2013, the government accepted amendments suggested by the Select Committee of the Rajya Sabha. This bill will not only protects the interests of the buyers but also beneficial for developers and builders .
We also spoke to local property consultant JLL India Group Director (Strategic Consulting Group) Sachin Gulati. He explained how it is protecting the interests of those who buy property. Here’s how:
– The bill says that the important thing is that developers take money from consumers, 70 per cent of that amount in the bank to keep them apart. Use it only in the Constructions. The remaining amount to be able to use it in other works. Before this time builder use this money in their other activities or projects due to that the special project was delayed.
– Builders who sell ,such projects are not registered, to the customer then the project would be penalised.
– The bill will be applied on both Commercial and residential projects and all monetary transactions would be monitored.
– Real estate agents must register with the regulatory authority. Due to that possibility of fraud will minimize by such agents. Agents will be able to sell only those projects which will be registered.
– After the enactment of this bill would be an advantage that the transparency will be maintained in the project activities done by developer . Only those who knew him before Buyer was told by the builder. But now, buyer will find all the necessary, modest and important information related to projects, through the Authority website.
-no changes can be made in -project until a buyer is not allowed.
-Penalty and jail sentence for violating the provision.
– Real Estate Regulatory Authority will be formed at the state level. Handle complaints of the buyer at the state level will be set by the Authority.