Passage of real estate bill is blessing for both home buyers and developers

Q: Both Rajya Sabha and Lok Sabha has passed the Real Estate Regulation and Development Bill and it is set to become an act in a few months.

Gautam G,

30th March 2016

Real estate News in Mumbai

real estate bill

projects in mumbai

real estate regulation and development bill

lok sabha

rajya sabha

home buyers and developers

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Replies (4)

New real estate bill has been came in the favor of property buyers The biggest relief for the real estate property buyers according to this bill is that they do not have to pay the extra bank interests they had been paying so far on home loans due to incessant delays caused by the real estate developers.you can get the the best real estate property information & their rates on comparecasa.com the bets property comparison portal in Dwarka Delhi

Comparecasa, Delhi

2nd April 2016

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Good evening friends!!!
As far as Mumbai consumers are concerned one of the most important provisions of the new bill is that the developer has to deposit 70% of the booking money collected from the buyers, in an escrow account in a scheduled bank within a period of 15 days, this will prevent diversion of the money for other purposes.

Gautam G,

30th March 2016

Comment

@Gautam,
This may lead to a rise in the number of fresh booking. Currently, bookings are at an all time low and several developers are struggling to deal with piled up inventory.

The bill also stop the promoter from changing plans, structural designs and specifications of the plot, apartment or building without the consent of 2/3rd of allottees after disclosure.

Vinay Dixit, Mumbai

30th March 2016

Good evening Devika and Rishi,
There are 10K buildings and lakh of people across Mumbai who are suffering because their homes are under construction and the project has been delayed or stopped due to reasons like builders are using their money in other projects or construction beyond permissible limits and or without obtaining necessary clearances as also the change in development rules or red tape or delays by the government. It is estimated that most of the completed projects in Mumbai do not Occupancy Certificate.

Vinay Dixit, Mumbai

30th March 2016

Comment

We are expecting that this bill will change all this. It is come to know that the Real Estate Regulatory bill will also cover existing projects which are incomplete. It is expected to bring break to people waiting to see their dream of a home in Mumbai come true.

Shailja, Delhi-NCR

30th March 2016

Do you know that under the provisions of new bill any project over 500 sq-mt area or 8 flats must be registered with regulatory authority with full disclosure such as details of promoters, project, layout plan, plan of development works, land status, status of statutory approvals, etc. as well as the details of their past and ongoing projects.

Vinay Dixit, Mumbai

30th March 2016

And it is clearly mentioned in the bill that new projects can be launched only after the developer secures all statutory clearances from relevant authorities and the promoter must upload details of the project on the website of the RERA.

Rishi Dev,

30th March 2016

Right Gautam. Long waits has come to an end. once implemented it will change the way Real Estate was being dealt with, in the past. The new act is a blessing for Mumbaikars as it will bring transparency and safety for the home buyers in the city with the regulator being mandated to ensure this.

Devika, Mumbai

30th March 2016

Comment

Don't forget that it will be blessing for the developers as well. As it will bring credibility to them and people including NRIs will be willing to invest their funds in this sector. The bill is expected to change all this for home buyers as well as for developers.

Rishi Dev,

30th March 2016