REAL ESTATE REGULATOR'S BILL
The much awaited The Real Estate (Regulation and Development) Act, 2016 has been enacted on May 2016 by Parliament.
But how much of it is actually really got publicity ? How much of awareness is there among the consumers ? Zilch !
This is where all Government policies fail. Bills and Acts remain paper tigers. Being in the real estate industry for about six years, we have seen that majority consumers are not aware of their rights and fall prey to the unscrupulous builders and agents.
Some important information of the Act is listed below for the benefit of the consumers;
* This law makes it mandatory for developers to post all information on issues such as project plan, layout, government approvals, land title status, sub contractors to the project, schedule for completion with the State Real Estate Regulatory Authority (RERA) and then in effect pass this information on to the consumers.
* The current practice of selling on the basis of ambiguous super built-up area for a real estate project will come to a stop as this law makes it illegal. Carpet area has been clearly defined in the law.
* Currently, if a project is delayed, then the developer does not suffer in any way. Now, the law ensures that any delay in project completion will make the developer liable to pay the same interest as the EMI being paid by the consumer to the bank back to the consumer.
* The developer cannot make any changes to the plan that had been sold without the written consent of the buyer. This puts paid to a common and unpopular practice by developers to increase the cost of projects.
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AUTHOR : Anit%20Gopinath
POSTED ON : 2017-03-06 00:00:00
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