Arihant Group Welcomes Real Estate Bill-2015 To Protect Home Buyers

Good News to Home buyers the Union Cabinet approved the Real Estate (Regulation and Development) Bill, 2015, introducing provisions for depositing 70 per cent of the project cost by builders into an escrow account and punishment for violations of the proposed law, meeting key opposition demands.

                                                 

The salient features of the Bill are as under:

1. Applicable both for commercial and residential real estate projects.

2. Establishment of ‘Real Estate Regulatory Authority’ in States/UTs to regulate real estate transactions.

3. Registration of real estate projects and real estate agents with the Authority.

4. Mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc.

5. Deposit of specified amount in a separate bank account to cover the construction cost of the project for timely completion of the project.

6. Establishment of fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal.

7. Civil courts jurisdiction prohibited from taking up matters defined in Bill, however, consumer court allowed to hear real estate matters.

8. Promoters barred from changing plans and design without consent of consumers.

9. Provision of Appropriate Government to make rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations. 

The Real Estate (Regulation and Development) Bill tries to secure the hobbies of purchasers and set up administrative bodies at the Center and States for moral and straightforward business hones in the land division.

The Bill accommodates required enlistment of all tasks and land operators who plan to offer any plot, loft or building with the Real Estate Regulatory Authority. It makes compulsory the revelation of all data for enrolled tasks like points of interest of promoters, format arrangement, land status, calendar of execution and status of different endorsements. The Bill additionally looks to authorize the agreement between the designer and purchaser and a most optimized plan of attack system to settle debate.

The legislature said the Bill is normal guarantee more noteworthy responsibility towards purchasers, and to essentially diminish fakes and defers. It said the proposed enactment is relied upon to advance directed and deliberate development of the land area through proficiency, demonstrable skill and institutionalization

"These measures are required to support local and outside interest in the division and accomplish the target of the Government of India to give 'Lodging for All by 2022', through upgraded private investment," an administration discharge said.

The Real Estate Regulation Bill was initially presented by the UPA government in the Rajya Sabha in August 2013 and was then alluded to a Parliamentary Standing Committee, which had presented its report in February 2014.

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