Real Estate:Apartments / Flats
Property regulation bill:A model to follow
Soon , homebuyers could breathe easy.

The Union government has proposed a model regulation for real estate sector, which seeks to introduce a number of measures to bring in transparency into the sector. Besides, it also proposes to make builders and developers deliver on the commitments made to end users. The move will help the sector grow fast as it will bring in an element of certainty to the quality and timely delivery schedules, which would prompt investors and end users to invest.
According to the proposed regulation, all the projects will be registered with a regulatory authority, which will be set up soon.

The registration will be granted only if a developer provides information regarding the ownership of the land on which the project will be developed. They will also have to submit a copy of the clearances, approval , and sanction from competent authority, obtained in accordance with the building regulations and all other laws as applicable. All this information has also to be made available to the customers.

The promoter has to provide the buyers details of all encumbrances on the land, including any rights, title, interest or claim of any party in or over the land. He will also have to give the layout plan of the real estate project, along with a plan of development works and specifications of the building or apartments to be constructed on the land.

In order to remove any ambiguities , the new regulation has asked promoters to give details of the common areas, carpet built up and super-built up areas in the proposed project to buyers. Additionally, the investor will also have to give details of all the facilities that the promoter is planning to offer buyers. Under the new guidelines, a developer will also give details of the estimated cost of the building or apartments that are proposed for construction.
The developer has also to give details of the names and the addresses of authorized agents, property dealers and brokers - and the developer is bound to upload this information onto the regulator’s website so that buyers can verify them. The promoter or developer has to furnish a bank guarantee equal to 5% of the estimated cost of the development works to competent authority. This will be forfeited if the promoter fails to complete the project as promised to the buyers. The registration will be valid for a period of three years only. If the project cannot be completed within the stipulated period, the promoter will have to apply for the registration again, but with a fee. If the regulator finds any violation of rules by promoters in meeting the standard of construction or meeting the timeline of the completion of the project, it can cancel a registration and ask a competent authority to encash the bank guarantee furnished by the developer. In that situation, the regulator will ask the competent authority to implement the project as soon as possible.

However, industry is not happy over the proposed regulation . One of the chambers said that the bill is hostile to the industry and concerned stakeholders.

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12 comments:

  1. Jayarani21:35

    Approved flats for sale in Mugapair flats

    Approved flats for sale in MUGAPAIR FLATS. 7H busstop (op) Church Venugopal Street. 6th building. Contact me Jayarani: 9003098470


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    Date posted (dd-mm-yyyy) : 22-11-2008

    ReplyDelete
  2. Mantri Flora 3 B/r flat for Sale.

    Exclusive 3 B/r flat in Mantri Flora, Sarjapur Road available for Sale. Built up 1480 Sft, with all amenities Price: Rs. 74 Lakhs Contact: Emerald Realty
    City : Bangalore
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    Looking for / Available : Available
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    Date posted (dd-mm-yyyy) : 26-11-2008

    ReplyDelete
  3. SANTHIYA00:49

    Flats for sale at Veppampattu
    Approved Residential flats in Veppampattu for sale. Just 50m from MTH highways and 300 m from Railway station. Prime location for residential use and the Project is under construction. All basic amenities available. Sweet water and good transport and power supply. Per sqft Rs.2000.Free site visit arranged. . Contact: SANTHIYA-9600003478
    City : Chennai
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    Looking for / Available : Available
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    Date posted (dd-mm-yyyy) : 26-11-2008

    ReplyDelete
  4. 200 FT ROAD, NEAR VELACHERY.

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  5. Anonymous00:04

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  6. Anonymous00:06

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  7. Anonymous00:07

    100 crore worth cutting Black granite land for sale for 3 crore

    JET BLACK GRANITE HILL, GEOLOGICAL SURVEY DONE, PERMISSION FROM GOVT. OBTAINED, READY CUTTING PERMITS FOR IMMEDIATE QUICK SALE CASH PARTIES GOING REAL CHEAP FOR RS.3 CRORES NEGOTIABLE CONTACT RAJAKUMAR 9282225029. 044 24470346.

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  8. Anonymous11:16

    Single bedroom flat for sale. 600 sqft 3rd floor. Next to HDFC bank and adjecent to Chennai Trade centre. Poonamallee Road, Nandambakkam.RS. 3300000
    Email : betysam@hotmail.com
    Phone : 9444911419

    ReplyDelete
  9. just linked this article on my facebook account. it’s a very interesting article for all.


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    ReplyDelete
  10. Flats at Velachery

    The SRT Groups (SRT Green Homes) is best flats promoters at Velachery, chennai. We offer best luxury flats at Velachery with your budget.
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    ReplyDelete
  11. Looking to sell my residential Plot near patravakkam Railway station. Immediate sale..564 Sqft. only 9 Lakhs...Interested can reach at 9840193968. rate id negotiable for immediate cah parties.
    It very near to Railway station within budget.

    ReplyDelete
  12. Looking to sell a Plot near patravakkam Railway station. immediate sale..Size 12*47 north facing - 564 Sqft only 9 Lakhs...
    Rate id negotiable for immediate buyers..Reasonable rate with in the city very near to Aavin flyover. 5 minutes drive from korattur and Ambattur industrial estate.

    ReplyDelete

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