The
central government agencies such as the Delhi Development Authority (DDA) which
are in construction of residential projects will have to be answerable to the
real estate regulator if the houses delivered by them are not up to the mark.
"The
provisions of the real estate regulation bill approved by the Union cabinet
will apply to government agencies, including DDA," said housing minister
Mr. Ajay Maken. The legislation, likely to be placed before Parliament in the
coming monsoon session, aims to promote fair-play in real estate transactions
& introduce penal provisions for developers who do not stick to norms.
Now,
there is no way homebuyers can voice their resentment against government
agencies like the DDA, the Ghaziabad Development Authority or the NOIDA
Authority that provide housing even if the material used is not of promised
standards or delay in delivery.
The
ambit of the proposed law is quite large & seeks to cover all major private
residential developments across the country as the bill applies to all projects
developed over 1,000 square metres or / the number of apartments proposed to be
developed exceed 12.
However,
Delhi has a peculiar problem as the builders / promoters are constructing on
lesser area so will be out of ambit of the law. But, Mr. Maken said the Delhi
authorities can lower the criteria according to the need of the state.
In
Delhi, the urban development ministry will have the power to set up a real
estate regulator since Delhi's land comes under the DDA and L and DO, which are
central agencies.
The
bill, when enacted into a law, will ensure that home users get timely
possession of properties. Besides, as per specifications promised the developer
will have to disclose time schedule for the delivery along with layout plan and
details of all statutory clearances obtained from the regulator ahead of
launching of the project.
Mr.
Maken, said, "The aim of the bill is to restore confidence of the public
in the real estate sector which will enable the sector to access capital and financial
markets essential for its long term growth."
Mr.
Maken was hopeful that states will implement the bill as 22 states have
supported it. Only Chhattisgarh opposed the bill.
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