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THE REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2013
[edit]Real Estate regulatory Bill approved by cabinet this week with an objective to bring transparency in reality sector. It provides for setting up a regulator for the realty sector and having provisions like a jail term of up to three years for developers who make offenses like putting up misleading advertisements about projects repeatedly. It is benefited for both real estate developer and buyer by providing disclosure of necessary information in public domain through website.
How real estate regulatory bill will benefit to buyer if these bill become law, here are the main provision of bill:
In every state there is an office of real estate regulator who keeps an eye of every activity of real estate sector.
• It is mandatory for developer will first to get their project registered with the regulator before going for sale.
• Before obtaining all necessary and legal clearance developer cannot offer any pre-launch sales.
• The developer had also displayed all detail information on a website before starting the construction of project.
• The concerned authority have a 15 days to approve or reject a project.
• In a proposed bill it is clearly define carpet area and developer will sell on the basis of carpet area.
• The developer will have to deposit 70% of funds received for particular project in a separate bank account to ensure that the fund raised from one project is not been diverted into another project.
• Developer cannot take more than 10% of the advance on property form buyer without a written agreement.
• There will be public disclosure of all projects details like profile of developer, layout, land status, carpet area, and number of booked apartments, number of floors, date of possession, and other details of all statutory approvals.
• It is mandatory for real estate agents to register with the regulator.
• The buyers are eligible to get full refund with interest in case of delay in project completion and possession.
• Developers will have to use real photograph of actual site for advertisement purpose failure to comply with the norms for the first time would attract which may be 10 percent of project cost and repeat offense could land the developer in jail.
• There will be separate real estate appellate tribunal that will hear appeals from orders, decision or direction of regulator and adjudicating officers.
http://mhupa.gov.in/W_new/Real%20Estate%20Bill%20as%20introduced%20in%20the%20Rajya%20Sabha%20on%2014.8.2013.pdf. http://blog.checkfloor.com/2013/06/real-estate-regulation-and-development-bill-changing-the-rules-of-sector-2/