Hi Jeet Bhaskar,
According to sources, the committee has concluded the suggestion to bring all projects constructed over more than 500 sq-mt or if nothing else 8 flats under the range of the proposed law. The proposals are liable to be submitted to the Parliament.

Richa, Delhi

3rd August 2015

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Hi Jeet Bhaskar,
According to the present procurement, anybody purchasing more than 4 flats in a project is dealt with as a promoter. Then again, to get a answer for this pattern of some purchasing more flats and having imposing business model in administration of affairs, committee is suggesting that every single such purchaser will have 1 voting right same as different buyers.

Arpit, Delhi-NCR

3rd August 2015

As per the latest news, individuals from two political parties, AIADMK and Samajwadi Party have recorded their dispute declaring that center has no rights & limits to make laws on real estate. Because real estate is a matter of state subject.

Ares,

3rd August 2015

Hey Guys,
According to the latest news, congress individuals in the parliamentary joint committee investigating the alternations in the Real Estate Bill have requested that all projects, regardless of size ought to be guided under the proposed law. Kindly discuss about it.

Jeet Bhaskar, Delhi

3rd August 2015

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Hey Jeet,
As per news, this perspective as contradiction note by Congress has astonished many people, like even the original bill that UPA government had conveyed to the Parliament had the procurement that all projects could register with the regulator just if these projects were constructed on plots ranging more than 1,000 sq-mtrs.

Raj Roy, Delhi

3rd August 2015

I totally agree with you Arpit......
"All's Well That Ends Well" is a Idioms that suited this market perfectly. It is true that the bill can help farmers but at the same time it will not harm the real estate sector or developers if it is handled in a right manner.

Diwakar Shetty,

23rd July 2015

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Hi Diwakar,
It is also came to hear that to protect small property buyers, a parliamentary panel is recommended to cover housing projects on land below 1000 sq-ft in the proposed Real Estate Regulatory Bill.

Earlier it was provision in the bill that builders could register with the regulator only if the project was on the land exceeding 1000 sq-mt.

Veena K,

24th July 2015

Currently, Real Estate Bill has been referred by Rajya Sabha to a select committee on May 6 for its examination with instruction to submit its report by the last day of the first week of the current monsoon session. And it is expected that the 21-member committee headed by BJP member Anil Madhav Dave is likely to submit the report this week.

Sujan Mitra,

25th July 2015

I think even the panel is waiting for this bill as they have not changed the penalty provisions of the Bill and retained the original proposal such as imprisonment of developers for any violation of the proposed law. It indicated that everybody want that the sale of plot, apartment or building in an efficient and transparent manner, to protect the interest of consumers in the real estate sector.

Bulbul Verma,

26th July 2015

Hi everybody,
What I think is that the proposed Land Acquisition Bill would not impact the real estate sector as well as the developer in the country if handled in the right approach and right manner. Property buyers had a very difficult time dealing with the builders. Please be aware that builders charge 18-24% interest if there is delay in the payment from our side and if there is delay from their side, they charge only 9% interest or no interest. It fully depends the nature of the developers. So, we need an efficient real estate regulator.

Raj Roy, Delhi

23rd July 2015

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Right Raj.....very difficult to deal with these kind of developers in the current real estate market. But as per the new real estate bill 2015, if wrong declaration of information about the project is found from the builders side then payment of 5% of project cost will be imposed. The Bill provides power to the regulatory authority to cancel their project registration in case of continue violations and decide on further course of action regarding completion of such projects.

Arpit, Delhi-NCR

23rd July 2015

Righ Arpit,
The number of fights have seen between home buyers and realty developers due to delay in project completion and it can come down if the bill is making it mandatory for the builder to maintain 50% of customer advances in an escrow account within 15 days of receiving the money from buyers.

Raj Roy, Delhi

23rd July 2015

And it is only possible if the govt. has applied that the Builders or Developers should sell only ready to occupy house/apartments. Govt. should ban selling of pre lunch / under construction projects. It will be a benefit for both buyers and the developers.

Arpit, Delhi-NCR

23rd July 2015

Hello Sanchita,
Now the time to wait and watch, a parliamentary panel has asked the union ministry of housing and urban poverty alleviation to bring the bill soon to the parliament for its passage.

Nandakishore, Ahmedabad

7th July 2015

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Hi Nandu,
It means "Achche Din Aa gaye". Modi Govt is really doing a great job for this country.
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.

Sanchita Chanda, Ahmedabad

7th July 2015

May be......the existing version of the bill provides for setting up state-level housing regulatory authorities and tribunals, and includes all residential and commercial projects over a certain area under its limit.

Devesh Kumar, Ahmedabad

7th July 2015

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.

Sanchita Chanda, Ahmedabad

7th July 2015

Right Sanchita,
If there will be any important change from the original schedule, specifications or structural design in what is finally delivered to home-buyers is considered as a breach of obligation by the builder.

Devesh Kumar, Ahmedabad

7th July 2015

Hello friends!!!
Real estate regulatory bill which has several penalties clause for the builders. 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.

Vikash V, Ahmedabad

7th July 2015

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Great to hear from you Vikash,3
It will definitely 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.

Sanchita Chanda, Ahmedabad

7th July 2015

@Sanchita,
I heard that the steps was taken 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. I appreciate the panel's decision. It will bring more clarity in the Indian real estate market.

Vikash V, Ahmedabad

7th July 2015

True Vikash,
But 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.

Sanchita Chanda, Ahmedabad

7th July 2015

Right Madhu,
According to new bill 50% payments by buyers need to be deposited in escrow accounts against the earlier proposal for setting aside 70% of the funds in a special account by developers. Buyers are given the right to obtain stage wise information of project and in case of any delayed possession or default from the developer side they are entitled to receive compensation with interest.

Thiru Chandrashekar, Coimbatore

12th April 2015

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Hi Thiru,
But as per the current news, once again the introduction of the real estate regulator bill was delayed on Tuesday as the government said it was consulting all parties and would consider the demand by some Rajya Sabha MPs to send it to a select committee.

Raghav TK, Chennai

6th May 2015

Hi Raghav,
This mean that the establishment of the regulator for protecting home buyers would get delayed further. Why their is a delay in passing the bill?

Abhineshwaran, Chennai

6th May 2015

What i heard in the news, the Samajwadi Party MP Naresh Agarwal, government had not consulted any other political party despite the fact that it had confident the House of the same. He also demanded that the bill cannot be referred to a joint committee since it is a property of the upper House.

Raghav TK, Chennai

6th May 2015

Further Parliamentary affairs minister M Venkaiah Naidu said that he would like to consult political parties before taking a final view whether to refer it to the select committee or to do something else.

Raghav TK, Chennai

7th May 2015

I have read all the discussion made above and my conclusion is that the modified bill now consists of provisions in the favor of buyers and a greater examine on the business procedures of real estate sector. The Cabinet feels that creation of real estate bill will make ways for standard governing mechanism across the realty sector and will add to the credibility and reliability of country's unregulated real estate sector. On the other hand, it seems developers are left off as no major relief is added to them.

Madhushree C, Kolkata

11th April 2015

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@Pranay,
I think still there is possibility of upgrades in the bill. Because, it is a customer-oriented bill so buying sentiments will undoubtedly improve. Delays in delivery can be managed a lot if our government will start a single window clearance which will save lot of time for the developers, so that project start and delivery is on time, which will help in justifying the amendments.

Pranita Pandit, Greater Noida

10th April 2015

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Hi,
The new regulatory bill applicable to both residential and commercial developments that will make it compulsory for all projects and brokers to be registered with the real estate regulator who will manage transactions and settle disputes. The bill attempts to make sure liability and transparency, which will in turn make it possible for the real estate sector to access capital and financial markets essential for its long-term growth.

Amit Raj, Delhi-NCR

10th April 2015

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It should be like that. I think Govt. should have pass this bill 10 years back. But still it is not too late to regulate the market. At the same time it will help Modi Govt. to achieve his election promise of providing homes for all Indian families by 2022.

During recent years slow economic growth and delays in receiving approvals delayed many real estate projects around country, leaving buyers waiting for their homes and developers holding high debt. This bill will increase the investors confidence.

Anand Roy, Ghaziabad

10th April 2015

Hi Kishore,
Modifications in the bill are justifying the current situation of real estate market. There are disadvantages which need to be dealt with properly. Instituting authorities for controlling the sector and bringing out provisions in the interest of buyers will really be helpful in holding the customers interest in realty market. Developers also got much needed relief for the reason that now they have to deposit just 50% of buyers payment in escrow account which was earlier supposed to be 70% by UPA Govt.

Piyush Khoche, Pune

9th April 2015

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Well Piyush,
As we all know that Real Estate sector is continue to unregulated and unorganized to a substantial level. It is a good news that a regulatory authority is to be set up. It would bring a tight-hold on the realty sector and make sure the business transactions are transparent and working is under proper governance of the Real Estate Regularity Authority, which would help protect the consumer interest and improve the demand and buying sentiments in near future.

Pranay Malhotra, Delhi-NCR

9th April 2015

The Union Cabinet has given green signal to Real Estate Regulatory Bill. The bill is going to improve the sentiments of buyers and will help developers who have a consistent track record in regard to delivery. The bill has brought many clauses which will impact different market. It will have maximum impact on Mumbai real estate due to its maximum number of consumer complaints and project delays while NCR and Bangalore will have medium or less impact. You can read good article on this topic on:

propertyclubindia/Real Estate Regulatory Bill cleared by the Cabinet

NKShrivastav, Gurgaon

9th April 2015

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Hello Sir,
The Real Estate Regulation and Development Bill is made to help a reasonable and fair play in realty market. It is intended to benefit everyone connected with real estate sector. Earlier this bill was introduced in August 2013 in Rajya Sabha, after which it was introduced to a Parliamentary Standing Committee which made many recommendations to the bill and then submitted its report in February 2014.

Kishore Pathak, Mumbai

9th April 2015

Hello guys, different state governments has passed real estate regulatory bill for their respective states.

Sneha, Pune

2nd May 2012

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I hope that, this decision will work as a motivator for the state governments.

jeet_bhaskar,

2nd May 2012

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The new bill will be sent to the states so that they can decide their own requirements on the bill. And it will be the state government's responsibility to implement the bill.

akhilesh.arora33,

2nd May 2012

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