Real Estate Bill

Posted by bhavishya kumar at 13 Nov 17 19:14:25pm Views: 239

The Rajya Sabha passed the Real Estate Regulator Bill, which will help regulate the sector and bring
in clarity for both buyers and developers. Here are 10 things you should know about this bill, touted as
a key reform measure in the vast real estate sector.
1) It establishes the State Real Estate Regulatory Authority for that particular state as the government
body to be approached for redressal of grievances against any builder. This will happen once every
state ratifies this Act and establishes a state authority on the lines set up in the law.
2) This law vests authority on the real estate regulator to govern both residential and commercial real
estate transactions.
3) This Act obliges the developer to park 70% of the project funds in a dedicated bank account. This
will ensure that developers are not able to invest in numerous new projects with the proceeds of the
booking money for one project, thus delaying completion and handover to consumers.
4) This law makes it mandatory for developers to post all information on issues such as project plan,
layout, government approvals, land title status, sub contractors to the project, schedule for completion
with the State Real Estate Regulatory Authority (RERA) and then in effect pass this information on to
the consumers. 

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