Both flat owners, developers welcome apartment ownership bill in Rajasthan.

Q: Nice to hear that both real estate developers and flat owners/ buyers have salute the state government's decision to bring in Rajasthan Apartment Ownership Bill.

Diwakar Shetty,

25th February 2015

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Replies (6)

Hi deep,
You are right. Now-a-days no of residential apartments in the recent past has increased at an exponential rate with more than 20000 apartments are under construction in the state capital itself. In the absence of any policy framework, builders were violating norms and duping a large chunk of customers.

Sundar, Chennai

27th February 2015

Comment

This mean now developer will enter into the market with proper planning. This Act will discourage the non-serious developers in the field. At present, many small builders with limited resources enter into the market and their project is delayed after the resources are exhausted.

Deep Singh, Bangalore

26th February 2015

Comment

Thanks for the information,
Will it also be mandatory for them to show title deed of the land on which an apartment is proposed, approved building plans, details of common areas and limited common areas?

Lekshmi,

25th February 2015

Comment

Yes Lekshmi,
It will also be mandatory for them to show title deed of the land on which an apartment is proposed, approved building plans, details of common areas and limited common areas. Moreover, a developer will have to specify in the agreement details of built-up area of the apartment on the basis of which the price of the apartment shall be calculated.

Ravindra Singh,

25th February 2015

Is there any clause mentioned for delay in project or handing over the possession? If yes, what is it?

Lekshmi,

25th February 2015

Comment

Ofcourse,
As per the proposed regulations, a builder will have to furnish a written commitment to pay a requisite penalty in case of missing the deadline in proposed project. At the time of booking of an apartment, developers will declare the penalty for delay in completion or handing over the possession.

Ravindra Singh,

25th February 2015

Hi Ravindra,
I wanted to know whether the bill present in the assembly to become an act? What is the main aim of passing this bill? What will be the lease period of such land under this act?

Lekshmi,

25th February 2015

Comment

Well Lekshmi,
State cabinet strong the way for the bill which will now be presented in the assembly to become an act. Once it is passed as legislation, every apartment in any building constructed or converted into apartments, before or after the commencement of the bill, will fall under its ambit. However, the lease period of such land should be of 30 years or more.

Ravindra Singh,

25th February 2015

Yes, All stakeholders unanimously commended the provisions while some builders wished more clarity on certain aspects of the bill. It is the most awaited thing for prospective flat buyers. They don't expect a beat in the prices but at least customers can expect to have value of money now.

Ravindra Singh,

25th February 2015

Comment