The
Real Estate Bill will make it mandatory for developers / promoters to disclose
details, including minor ones, about their projects on the company website. Says
Niranjan Hiranandani, MD, Hiranandani group of companies:
The
details will include specifications, like the layout plan, carpet area of each
dwelling unit, number of units in the project, the amenities being provided,
and the approvals received for the project from various authorities.
Such
disclosures will make it difficult for developers / promoters to make adhoc
changes to their project plans at a later stage of development. Developers will
also have to specify the carpet area of each flat. Selling on the basis of the
ambiguous super area will no longer be permitted. Periodic updates on the stage
of development that the project has reached will also become mandatory.
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