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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.

Property Listings

Apartments, Flats and Property for Sale in Noida

May 18, 2017
Specificationsn Structure RCC frame structure. Earthquake resistant structure. Construction: Drawing, dining, bedrooms in vitrified tiles, and..
May 10, 2017
Looking For 2/3bhk Ready to Move Flats at 35..
Apr 29, 2017
If you are planning to buy 2bhk/3bhk in noida extension at affordable price. You must go for samridhi grand avenue stands for great interior and..
Apr 20, 2017
2bhk flat in greater noida at 33 lacs(Don't Miss Out) Looking for 2 bhk flat in greater noida with all modern amenities and great location..
Apr 19, 2017
KVD WindPark is a residential project by KV Developers at Noida Extension. If you are searching an accommodation for your family or investment, it..
Apr 18, 2017
Ace group present new residential venture whose name is Ac City. Offer 2/3bk in greater noida, Poject design where home buyers can invest in..
Apr 17, 2017
You are planning to buy dream home or search project for investment purpose. Ajnara Ambrosia new project located at prime location of noida. It is..
Apr 13, 2017
+91-9999911116 ||ATS Rhapsody, AtS New Projects, Ats Noida Extension, ATS Rhapsody Noida, ATS Rhapsody Noida Extension, ATS Rhapsody Greater..
Apr 13, 2017
Here comes good news for those who are looking for dream home in noida. Samridhi developer with their latest residential project in noida. ..
Apr 04, 2017
Buy ready-to-move-in very low Budget 2BHK flats in 32 Lakhs at Samridhi Grand Avenue and give your family a lifetime pleasure of living in a..

Apartments, Flats and Property for Rent in Noida

Jun 09, 2017
This home is very great option on the great location of greater Noida with complete electrical work and necessary wooden work like kitchen cabinet..
Jun 08, 2017
1 fully furnished 1 room set available on ground floor in sec . 28. 1 room with bath and attached kitchen furnished with..... 2 beds ,1 ac , 1..
May 01, 2017
3 BHK flats available on rent in Paras Tierea Sec..
Nov 09, 2016
Residential rental flats on Noida Expressway location Sector 125 |..
Nov 08, 2016
Residential rental flats on Noida Expressway location |..
Nov 04, 2016
Cheapest PG with food for Working Employee in Noida |..
Nov 01, 2016
Cheapest Hostel with food for Working Employee in Noida |..
Oct 25, 2016
Fully Furnished available for Girls in Prime & Posh Location of Sector-125 near by Amity, Noida. Fully furnished pg accommodation..
Oct 24, 2016
Fully furnished Girls Hostel accommodation in Sector 125, Noida for girls with all modern facilities like Semi-modular kitchen, geyser, fridge,..
Oct 19, 2016
Luxurious PG Accommodation for Studying and Working girls & Boys in Amity University Noida Sector 125. we have provided washing Machine,..