Builders claim new real estate bill an harassment bill.

Q: Why are the builders of several cities against the real estate bill 2011?

Pavan Jain, Delhi-NCR

26th November 2011

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Replies (3)

Good evening everyone,
As per the current news, the Parliamentary Select Committee for the Real Estate (Regulation and Development) Bill 2013 is likely to push for more strict clauses that may lead to imprisonment of builders if they do not fulfill their obligations to home-buyers. That indicates that we are at the last stage to get the amended real estate regulatory bill.

Sanjana Jain, Mumbai

7th July 2015

Comment

If it is true then it will certainly help a lot to the home buyers because financial penalties alone won't work since private developers will simply factor in the cost of these penalties in their projects and pass it on to home-buyers.

Suraj Kalled, Pune

7th July 2015

Right Suraj,
Currently, there are many builders who have to be controlled in and the current disciplinary action measures may not work as a sufficient defensive. So, the main objectives of the committee is to see how best they can protect the interests of helpless consumers from the high-handedness of powerful, unethical builders.

Chintakpujara, Mumbai

7th July 2015

Right Chintak,
Now, the developers have to submit details of their projects, such as layout plan, apartment size, completion schedule and approvals received, on the regulatory authority's website and update it on a quarterly basis.

Sanjana Jain, Mumbai

7th July 2015

Hi Guys,
Very good decision by the panel. Because financial penalties alone won't work since private developers will simply factor in the cost of these penalties in their projects and pass it on to home-buyers.

Tushar Sinha, Delhi-NCR

6th July 2015

Comment

@Tushar,
The final report of the Select Committee of the Rajya Sabha is still under preparation and will be tabled before the upcoming monsoon session. If it comes then there will a provision for imprisonment of up to 3 years or a fine extending up to 10% of the project cost or a combination of the two, but only in cases where developers repeatedly fail to register their projects with the regulatory authority or do not obey with orders for registration.

Nitesh C, Bangalore

6th July 2015

It is expected that the implement was made after holding public consultations across the country, several members of the panel are of the opinion that provisions for prosecution and imprisonment should be added in most cases where builders fail to discharge their duties and functions.

Tushar Sinha, Delhi-NCR

6th July 2015

Ministry of Housing and Urban Poverty Alleviation has put this query as the law focused on the real estate builders to get further comments from the public. The government promised builders to re- address the bill for the better growth of real estate market.

Neha Srivastava, Delhi-NCR

26th November 2011

Comment

Hello Neha,
It is because, the amended Real Estate Bill 2013 is likely to push for more strict clauses that may lead to imprisonment of builders if they do not fulfill their obligations to home-buyers.

Nitesh C, Bangalore

6th July 2015