The draft Act to constitute the authority is being modelled on the Real Estate Regulatory Authority Act of the Union Ministry of Housing and Urban Poverty Alleviation.
The proposed real estate regulatory authority would initiate steps for the growth and promotion of a healthy, transparent, efficient, and competitive real estate market.
Highlights of draft Act...!
* The regulatory authority would have a tenure of 3, and comprise a chairman and 2 members.
* It would make recommendations on protection of interest of ‘allottees' and suggest measures to improve processes and procedures for clearance and sanction of building plans and ensure construction and maintenance of structurally safe, environmentally sustainable and cost-effective buildings and properties.
* The authority would have the powers to settle disputes between promoters and the ‘allottees.'
* It could even seek explanations from promoters and scrutinise their accounts.
* The draft Act has also mooted setting up of a Real Estate Appellate Tribunal with the powers of a civil court to adjudicate disputes related to the sector.
The draft real estate regulatory Act has evoked a mixed reaction from the realty sector in the Kerala.
Mr. Antony Kunnel, President, CREDAI (Confederation of Real Estate Developers Association of India, Kochi), said ''The draft document mentions standard procedures and norms for speedy processing of building approvals and licenses and dispute settlement between promoters and allottees. These are extremely good moves. But the ‘proclaimed intent' of protecting the investment of the customer and on-time delivery of the product. While we are in full agreement with these points, it is equally important to specify and ensure that customers' responsibility and commitment are also fulfilled.".
No comments:
Post a Comment