11/03/2016
Real Estate (Regulation and Development) Bill, 2016
It seeks to protect the interests of home buyers by setting up a regulatory framework that will govern contracts between real estate buyers and sellers. It will bring transparency, accountability and efficiency in the ex*****on of projects.
What Real Estate (Regulation and Development) Bill, 2016 requires:
It requires project promoters to register their project with the Regulatory authorities with information like details of promoters, contractors, layout of plan, time period for the completion of project, etc. It also requires that developers put the 70 % of the amount collected from buyers in separate accounts towards the cost of construction including that of land as against a minimum of 50 % suggested by the Select Committee. To change the project specifications post-sale there should be the consent of at least two-thirds of customers. Complaints about violations can be taken up with the regulatory authority and appellate tribunal, which will have powers to punish defaulters like as laid imprisonment of up to 3 years for developers and up to one year in case of real estate agents and consumers for any violation of Tribunals and Regulatory Authorities.