Big moment for buyers! Real Estate regulator is reality
10th March 2016Category : Real EstatePublished by :Rahul Verma Reading Time : 3 Minute News Sourced : India
The wait is
over for the buyers seeking transparency and firmness in delivery of their dream
homes, as the Real Estate (Regulation and Development) Bill 2005 cleared in
The flow of unaccounted
money and bringing back buyer’s confidence in real estate is the priority of
this real estate regulation. The developer will have to maintain escrow account,
of which 70 % money from buyers in third party account to be maintained, later to
make use for purchased home.
will also help to state authorities to ensure timely delivery and to set
deadline for disposal of complaint in residential and commercial projects.
The other strong points of buyer’s assistance bill are:
·Provision for imprisonment of 3 year
in case of developers found involved in fraud.
·Registration with full detail of developer,
delivery date, status-approvals, and agencies involved in completion of project
in state is mandatory.
·Before changing the plan, permission
of two-third allottees is necessary
·Clarity in defining the carpet area,
to eliminate transaction faults.