Real Estate Bill: Think and Watch

Q: What things to look out for in the Real Estate Bill?

Kaustav Paul, Kolkata

14th December 2015

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Replies (4)

Good news for home buyer! Now after passing the regulatory bill, builder and developer have to provide entire document and process transparent. Currently, The industry is currently abuzz with incidences where home buyers are not provided with complete information regarding projects. This move mandates developers and promoters to disclose all critical small print and keep the whole house buying approach transparent.

Alokesh Nandi, Kolkata

14th December 2015

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What is escrow account? How it effect from the real estate regulation bill?

V. Victor,

14th December 2015

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An escrow account is a transitory move by way of account held by a third party during the process of a transaction between two parties. It is a temporary account because it operates unless the completion of a transaction method, which is applied in spite of everything the conditions between the buyer and the seller is settled.

Anish Mazumder, Kolkata

14th December 2015

Thanks For sharing wonderful information. I agree with you but want to add few point which is really helpful for all. In real estate, the fund flows for the progress of the project from any source is kept in the escrow account and the funds utilised for the identical are additionally generated from the escrow account. Even the buyers of the housing units in a project transfer the home price to the escrow account and the amount is just not transferred to the vendor until the mission is accomplished.

Rishi Dev,

14th December 2015

An escrow account is a temporary account supposed to be used by means of builders to avoid the outflow of funds from one project to one other. As per the new amendment, builders will be mandated to put 70 percent of the money in escrow accounts.

Poonam, Kolkata

14th December 2015

Great Poonam, You are right!!
As per real estate expert -- maintaining a massive part of sale proceeds in the escrow account will make sure well-timed execution of tasks and maintain temptations of developers to use customer funds for alternate investments. It could additionally promote reasonable play in real property and inspire investments in the sector.

Gautam G,

14th December 2015

Hi Kaustav, As per my understanding their are various outcome from real estate bill are as follows:
Regulation of real estate projects and agents
Increased limit of escrow account
Mandatory disclosure of information
Weighing consumers opinion
Reduce time and cost in dispute settlement

Poonam, Kolkata

14th December 2015

Comment

Thanks Poonam, for your observation through real estate bill. I would like to from you that how real estate bill effect real estate project and agents? Please tell me more about this dear?

Kaustav Paul, Kolkata

14th December 2015

Hello dear we all know that real estate sector is unorganised sector and several small developers and agents begin to grow or increase rapidly overnight. Within the absence of a regulator, there was no control over such disarrayed progress. Furthermore, there were no measures to govern their unscrupulous movements and avoid dwelling patrons from deception. Now, bringing each stakeholder in the purview of regulatory bill, the law states an imprisonment of three years for builders and one years for marketers/agents and buyers for violating the laws.

Poonam, Kolkata

14th December 2015

Hi Kaustav, The approval for the amendments to the real estate (legislation & development) bill, 2015 by means of the Union cabinet has been particularly lauded by way of the enterprise or industry. The bill is expected to promote a uniform regulatory atmosphere in the country. It goals at faster project deliveries, amazing customer complaint redressal, relaxed investments and an organised growth of the real estate market.

Alokesh, Kolkata

14th December 2015

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