The most
awaited Real Estate bill has been
passed by the Rajya Sabha that aims to protect the interest of buyers and bring
more transparency to the real estate sector. The bill brings along some drastic
changes in the real estate sector especially in the buying and selling of
residential and commercial Property in Noida, Delhi and rest of NCR. Major developments are taking place in these
cities which makes the attention in these cities the most.
The
Regulation and Development Bill 2015 has the main motive to bring transparency
in the sector, protect the home buyers, and bring out the flow of the
unaccounted money into the Real Estate Sector.
The real estate Bill provides that the seventy percent of the proceeds from the
sale will have to be kept at a side by the developers in an escrow account.
This amount can only be used for buying the land or the construction of the
related project. This provides certainty to the buyers that the money that they
are investing in the project will only be utilized for the development of the
respective project where they have planned to buy the house.
This Bill will help to establish a state-level
Real Estate regulatory authorities
as well as appellate tribunals that would regulate the transactions relating to
both the commercial and residential projects and ensure timely completion and
handover of the project. It also calls for clearance of the complaints to both
regulatory authorities and appellate tribunals within 60 days which itself sets
a timeline for the resolution of disputes.
While the
Realty Bill is set for the deadline, it also has the provision for imprisonment
up to three years for the promoters as well as a year for the Real Estate Agents and the buyers if
there is any violation of the orders of the monetary penalties, appellate
tribunals or both.
Experts say
that the real estate bill is the need of the hour. However, they believe that
there is certain lacked clarity on the Bill related to the ongoing
under-construction projects. Also, they clarified that there will be no
exceptions in the bill, and the rules are equal for all, and there will be no
discrimination by religion, caste, gender, region or creed and this will be
included in the bill as well.
The real
estate bill is a plus point for the Real Estate Industry of India. This will cut down the frauds in the industry and
help the buyers to get their homes or properties
on time.
