REAL ESTATE SEGMENT COMES UNDER THE VIGILANCE OF THE GOVERNMENT WHICH IS DUE TO PASS A BILL.
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The Real Estate Sources told the NBTV that with the backdrop of the recent property development in the Noida Extension area which hogged the limelight in the media wherein about 6,000 home buyers were kept in dark with no transparent dealings and this incident necessitated the Government to intervene in passing a bill which controls the crooked Developers in the Real Estate Segment and also to guard them from encountering such unpleasant situations. It is learnt from the sources that the Central Government have given a shape to the Draft Real Estate (Regulation & Development) Bill, which has been pending since 2009, and is likely to be placed in the ensuing winter session of the Parliament for its approval. This bill, when enacted into a law, makes it compulsory for all the Developers to register themselves with Real Estate Rewgulatory Authority to be set up in all the States in the Country. Apart from their Registering with the concerned Regulatory Authority, they are also required to submit, amongst other documents, — approved layout plan, timeline, cost, sale agreement — to the Authority before starting their ventures. This information will be displayed on the regulator’s website. Only those developers who fulfil this clause will be allowed to highlight their ventures.
The sources also that after the introduction of the bill, the buyers are assured that their booking money is not rerouted elsewhere as the Developer will have to keep this money in a third party account which will have a portion of the booking amount of the buyers to be used only for the concerned project for which the buyer has invested. Any breach of this Act will attract very severe penal action as far as the wayward developers are concerned. Any violation of the Contract or departure from the original layout plan will make the developer cough out 10% of the Project cost towards penalty and even incarceration for a maximum of three years. In very acute cases, the Developer may also have to forego his licence.
The sources further add from the Buyers’ angle, the yet to be passed bill sees a number of precautions taken by the Government in safeguarding their interests. The buyers too will have a very clear notion and awareness with regard to the project. The draft bill also suggests a two-tier problem solving in that the State Controller and Appellate Tribunal at the Centre. In the absence of the bill, presently, the only way left out for the buyers is to move the Civil Courts which takes a hell of a time in deciding the cases to its end.
Source: NIMMA BENGALURU
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