what are the new norms for real estate regulatory bill

Q: which are the new norms that are added in the draft bill?

Aloke Kumar Singh, Greater Noida

4th April 2013

Real estate News in Delhi

delhi ncr

real estate

delhi

Follow Discussion

Also see discussions for

Delhi Real estate News Real estate News in Delhi

Replies (11)

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

4th August 2015

Comment

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,

4th 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

4th August 2015

Comment

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

4th August 2015

@ 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

4th August 2015

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.

Dinesh sahu, Ghaziabad

24th July 2015

Comment

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,

25th 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.

Dinesh sahu, Ghaziabad

26th 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.

Veena K,

27th 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. Buyers had a difficult time dealing with the builder. Please be aware that builders charge 18-24% interest if there is delay in 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

24th July 2015

Comment

It's 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

24th 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

24th 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 prelunch / under construction projects. It will be a benefit for both buyers and the developers.

Arpit, Delhi-NCR

24th July 2015

Hi Pranab & Shenoy,
It means "Achche Din Aane Wale Hai". 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.

Mirza Ali, Greater Noida

7th July 2015

Comment

Yes Mirza,
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.

Pranab Malakar,

7th July 2015

@Pranab,
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.

Mirza Ali, Greater Noida

7th July 2015

Yes, 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.

Chandra, Noida

7th July 2015

Hi 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. And we are almost at the final stage to get the amended real estate regulatory bill which has several penalties clause for the builders.

Pranab Malakar, Delhi

7th July 2015

Comment

Hi Pranab,
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.

Shenoy, Ghaziabad

7th July 2015

@Shenoy,
I read 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.

Pranab Malakar,

7th July 2015

@Pranab,
Yes, 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.

Shenoy, Ghaziabad

7th July 2015

You know its better that developer should maintain a separate bank account for every project to make sure that the money raised for a particular task is not diverted elsewhere.

Sukhwinder Kher, Gurgaon

9th April 2013

Comment

If the builder fails to do so, they will be fined which will be up to 10 percent of the project cost and a repeat offense could land the developer in jail.

Manisha Soori, Gurgaon

9th April 2013

Comment

And if the builder fails to do so in any situation , what will be the fine

Shefali, Gurgaon

9th April 2013

Comment

There are certain provisions mentioned in this proposed bill which will keep a check on the builder from putting out misleading advertisements related to the projects carrying photographs of actual site. which will remove all fraud cases.

Neelima, Faridabad

8th April 2013

Comment

yes there are new terms and condition in the real estate regulatory bill, a decision on the draft law to set up a regulator for realty sector with provisions for jail term for the builders who put out misleading advertisements of projects has been deferred by the Union Cabinet.

Doel Singha, Ghaziabad

8th April 2013

Comment