Wednesday, February 20, 2013

Instruction to help buyers gain improved deal!!

With a motive to allow the home buyers gain better deal, a new law is on the way. Other than this, this novel law will guarantee that the builders sell the residential space on the basis of carpet area and get free of ‘uncertain and imprecise’ terms like super area in specific. Additionally, the controller will make it compulsory that each housing project proclaim the position of enthusiastic public consensuses it has or is intended to attain.

The government plans to march ahead with the innovative Real Estate (Regulation and Development) Bill in the upcoming budget session in the Parliament. The bill, however, is enclosed under the requirements that are dealing with property transactions in the contemporary list of the Constitution that applies to states, and to build the plannedregulation more than a model law that is exactly worked upon rather than only being applied.

Furthermore, with a view to see that the developers stick to the prescribed guidelines, the proposed law visibly states that realty firms will have to park 70% of funds in a particular bank account. This is to be done so that properties are not distracted otherwise and buyers are not left in the roll.

Remarkably, a real estate controller in every state will make it compulsory for the private developers to register all projects before selling the property. The registration will only be probable after getting all the essential clearances, thereby precisely addressing a major concern of the buyers regarding incomplete or fraudulent land acquisition.

Failure to clearly announce the status of clearances will invite up to a maximum three years of detention or fine amounted up to 10% of the cost of the project, according to the bill’s chucks.

Consequently, real estate firms will have to release project details and prescribed duties so as to guarantee apparent, fair and virtuous business practices all the time.

Obviously, private builders are not much contented with some of the necessities in the bill and have also pronounced their objections at a meeting chaired by Housing Minister Ajay Maken and urban development minister Kamal Nath. The representatives of developers’ associations like — CREDAI, NAREDCO and industry chambers CII and FICCI attended the discussions.

The meeting was called after the interference of the PMO that asked the said ministries to decide the variances so that the long pending bill could be speedilyconclude.

The said proposal will likely to help the government (Congress Party) to gain the faith of the middle class voters who drifted away from the party due to the series of corruption scams under its regime. Through the proposed bill, the government is hoping to give strong legislative protection to the buyers, as the bill will also rein in devious players.

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