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Real Estate Regulatory Bill passed in the Parliament

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Admin
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Real Estate Regulatory Bill passed in the Parliament

Unread postby Admin » Thu Mar 10, 2016 5:57 pm

In a historic judgment, the Real Estate Regulatory Bill (RERA) has passed in the Budget session of the Parliament. The Regulator now becomes a law. The opposition parties like the Congress, Trinamool Congress, NCP, CPI (M) and NCP have given their nod in passing the most crucial bill. Out of all the parties, AIADMK opposed for the passage of the bill. The leader thought that the bill could impact affordability.

The homebuyers have been waiting with baited breath from a long time for the regulator bill. With the passage of the bill, the real estate sector could expect transparency and the rights of the consumers could be protected.


The key provisions of the Real Estate Regulatory Bill include:


- Dedicated regulator for housing projects

- Single window approvals for projects

- Pushes private players in affordable housing

- New schemes to subsides housing loans

- Initiative to boost Smart City mission

- Regulates transactions between buyers and promoters

- Fast track dispute resolution mechanism

Watch Magic Bricks Now Live through the below link to get more update on the same.

http://www.mbnow.in/property/live-tv

Source: mbnow.in
Attachments
THE REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2016-238-RSP Hindi Version.pdf
THE REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2016- Hindi Version
(390.74 KiB) Downloaded 54 times
THE REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2016-238-RSP Hindi Version.pdf
THE REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2016- Hindi Version
(390.74 KiB) Downloaded 54 times
THE REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2016-238-RSP-E.pdf
THE REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2016 - English Version
(183.39 KiB) Downloaded 58 times
THE REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2016-238-RSP-E.pdf
THE REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2016 - English Version
(183.39 KiB) Downloaded 58 times

kalyanblr
Posts: 1
Joined: Sun Feb 14, 2016 9:22 am

Re: Real Estate Regulatory Bill passed in the Parliament

Unread postby kalyanblr » Fri Mar 11, 2016 12:38 am

some more points from the bill:

1. With the passage of the Bill, home buyers will finally get what they are paying for — which essentially means builders will now have to quote prices based on carpet area and not super built-up.
2. builders will also have to pay penalties if the project deviates 10 percent from the plan. The Bill will also prevent builders from changing the layouts — building plans cannot be changed (now) without consent from 66 percent of buyers.
3.In the case of defaults or delays, the same rate of interest will be levied for promoters as well as buyers.
4. The Bill also seeks to establish fast track dispute resolution mechanism.

Read more at: http://www.moneycontrol.com/news/curren ... ef_article

kparames
Posts: 5
Joined: Mon Nov 17, 2014 4:21 pm

Re: Real Estate Regulatory Bill passed in the Parliament

Unread postby kparames » Fri Mar 11, 2016 10:12 am

This is good news, we will have to see when it gets implemented.

Admin
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Re: Real Estate Regulatory Bill passed in the Parliament

Unread postby Admin » Wed Mar 16, 2016 7:21 am

Update:- Hindi and English version of the THE REAL ESTATE (REGULATION AND DEVELOPMENT) BILL, 2016 as passed by Rajya Sabha attached in the first post.

Real Estate Bill, need of the day

The Real Estate Bill passed by Parliament will hopefully bring in major improvements in the working of a sector which is important for the economy and for millions of people who engage with it. It is a welcome development that the political acrimony that had marked the functioning of Lok Sabha and Rajya Sabha did not affect the passage of this bill. All parties came together to pass the bill in the two Houses. The opposition, as much as the government, deserves praise for enacting a key legislation. It is in fact a legacy from the previous government. It has gone through a lot of public debate and parliamentary scrutiny and undergone many changes in the course of time. The bill is expected to bring some order, transparency and good practices in a sector which is not known for them.

Housing demand has been steadily increasing and will further increase in the coming years. But home buyers and aspirants did not have any specific legal defence and protection, except the Consumer Protection Act, against rampant malpractices. This law fills that gap. Developers will now be made accountable for their promises and actions. Broken promises, deviations from plans, delays and other violations of contract are common in the sector. All houses above a particular size will have to be registered, changes in plans will need consent of home buyers and many terms like carpet area will have to be clearly defined. Contracts will have to be standardised, documents will have to be placed in the public domain and all clearances will have to be procured before houses are offered to buyers. Diversion of funds from one project to another will be difficult when 70% of the money collected from buyers has to be deposited in separate escrow accounts. All in all, the most common malpractices in the sector have been taken care of and safeguards built against them.

Importantly, a regulatory mechanism is proposed to ensure that these provisions are enforced effectively. There will be regulators at the state level and an appellate authority. The credibility of the regulator is important for the success of the legislation. Land is a state subject and the responsibility to implement the legislation rests with the states. Some laws at the state level may need changes also. Governments will have to take the initiative to implement the provisions of the bill. Many who know the political links of the real estate sector will have apprehensions about that. But the home buyer is now more confident, and Parliament, after a long time, has passed a legislation which will be widely welcomed by many.

Source: Deccan Herald


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