Real Estate Bill

Posted by bhavishya kumar at 13 Nov 17 19:14:25pm Views: 192

The Rajya Sabha passed the Real Estate Regulator Bill, which will help regulate the sector and bringin clarity for both buyers and developers. Here are 10 things you should know about this bill, touted asa key reform measure in the vast real estate sector.1) It establishes the State Real Estate Regulatory Authority for that particular state as the governmentbody to be approached for redressal of grievances against any builder. This will happen once everystate 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 realestate transactions.3) This Act obliges the developer to park 70% of the project funds in a dedicated bank account. Thiswill ensure that developers are not able to invest in numerous new projects with the proceeds of thebooking 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 completionwith the State Real Estate Regulatory Authority (RERA) and then in effect pass this information on tothe consumers. 

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