REAL ESTATE BILL: What’s in it for you?

[gaja742]

Here the key provision of the bill aimed at safeguarding buyers interest.

> Property brokers must obtain licenses.
> Developers to submit authenticated copies of approvals and sanctions from the competent authorities while applying for registration.
> No advertising, selling or money raising will be permitted before project approvals are in place.
> Compulsory registration for all real estate project of area more then 4,000 sq meter’s
> Developers to maintain a separate bank accounts for each project in a scheduled bank to prevent diversion of funds from one project to another.
> The provisions of the bill will also apply to government agencies involved in housing projects.
> If developer flouts a provision the bill, he could be jailed or fined severely.

Characteristics of the regulatory authority

> The real estate authority in consist of one chairperson and at least two government appointed whole time members. Their tenures bill last for a maximum three years.
> The authority will have the power to setup a dispute resolution mechanism for settlement of disputes between developers and buyers.
> The central government will also establish an Appellate Tribunal for setting disputes between developers and buyers, developers and the authority, and the government and the authority.


THE SHORT COMINGS

> Applicable only to new projects.
> No deadline for project approval.
> Registration of projects over 4,000 sq. meter’s.
> New launches to be delayed.
> Implementation lies with state governments.