REAL ESTATE BILL
Have you ever thought that why property purchase is not adjusted to death, whereas, on the other hand mutual funds, insurance and stocks are? Well, this is the major reason for the introduction of real estate or regulation development Bill. This year, the parliamentary panel submitted report regarding this bill in Rajya Sabha. Till now people who are looking their dream homes, were somehow pressurized to take what so ever they got from the builder. Be it one -sided contract or delay running projects. Whether it is mounted cost or it is a random change of plans, you shall get everything but what a builder wants, not what you desire. However, this bill advances the establishment of Real Estate Regulatory Authorities, which shall work in the country in order to stop the so-called dictatorship of the builder’s amongst the general public.
According to this bill, any builder who wants to launch a new project has to provide every single detail related to existing projects. The details must include names of promoters and contractors, approvals, layout plan and time limit for project completion and register it with the authority. To make any change in the project, permission and consent of at least 2/3 of its customers must be required. Before marketing of the project is done, approval shall be taken by the builder. It would be mandatory for builder in order to keep at least 50% of the cost of the projects in a separate bank account. The punishment to the defaulters in the complaints of violations shall be under Regulatory authority and appellate tribunal shall have the power to punish the defaulter. Buyers will be entitled to refunds and compensation in case of frauds by builders.
Now the question comes – Why is this bill important for us? We all know that most of the time we drop out our plan to purchase a house, just because of the extreme high real estate prices. Due to some of the illegal practices of some builders, it’s us, the common man who bare all the pain and still faces suffering while buying a property. This bill tends to bring transparency in real estate sector not just to bring more investments but also make housing or purchasing a house of one’s desires in much more affordable clause. The requirement of a Real Estate Regulatory Authority has become necessary demand in today’s real estate sector.