The very much awaited
Indian real estate bill is in its final shape. It is going to be introduced in
the Monsoon session of parliament, now that inter ministerial consultations are
over. It will be taken up by the cabinet very soon.
Final Draft..!
The Union minister of
housing & poverty alleviation Mrs.
Kumari Selja revealed this on the sidelines of a conference in Delhi. In the
final draft, the role of the judiciary &
the regulatory body has been more clearly defined. The appellate
authority is going to be stronger now.
The real estate
Regulatory bill was drafted keeping in mind the interests of the consumers who
had complaints of non transparent agreements & fly by night operators who
disappear without a trace with the money or without delivering as promised.
Disputes are expected
to be solved quickly as the bill proposes to keep the civil courts out of the
purview of real estate & instead endow power with the regulatory authority
& the appellate tribunal by giving them the powers of a civil court.
Housing Appellate
Tribunal..!
Together with the
Regulatory authority, the Bill also proposes to create the housing appellate
tribunal, both bestowed with vital adjudicatory powers. Earlier, flat
(apartment) buyers could only approach consumer forums or / civil courts for
their disputes with the builders or promoters or developers.
The Real Estate Regulatory
Bill seeks to enhance transparency in flat purchase transactions by requiring
developers / builders to make disclosures regarding title over the land, carpet
area, layout plan, consumption of FSI (floor space index), additional floor
space index and details of the promoter enterprise.
Developers /
promoters / builders are also required to disclose the schedule for procurement
of municipal services such as sewerage, water supply, electricity, drainage
& also fittings.
Once the building
plan is approved by the local authority, the flat owners have to be informed if
any further changes are made.
Initially, the real
estate regulatory bill was expected to be taken up in the budget session which
did not take place as the inter-ministerial consultations were not over.
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