With a real estate regulation act at the centre and at the state level, will it lead to confusion, more red ta?
With a real estate regulation act at the centre and at the state level, will it lead to confusion, more red tape and further delays in project clearances when it comes to residential property in Mumbai? What are the aspects where there could be overlapping/ duplication and how would this duality impact the end user or the flat buyer?
- Anonymous9 years agoFavourite answer
Yes it will lead to confusion, more red tape and further delays in project clearances. Besides the cost also will go up as there will be further expenses at various level additionally.
Key provisions of the Bill
1. Establishment of a Real Estate Regulatory Authority - Government has proposed to appoint a chairperson with two other members supporting him. The people who get appointed as part of the regulatory authority should have sufficient professional knowledge and experience in the field of public administration, urban development, finance, law or management.
2. Transparency and Powers of the Regulatory Authority - This authority is also going to maintain a website which will have the records of all real estate projects with all other details as provided in the application at the time of registration.
3. Registration with the Regulatory Authority - The builder is going to file all the details of his project with the regulatory authority and provide all necessary details of property dealers or middlemen dealing in the project.
4. Establishment of Appellate Tribunal - The bill will also provide for the establishment of a real estate appellate tribunal, which will decide upon any dispute and will hear appeals against any decision of the regulatory authority.
5. Obligations of a Promoter - This model bill has also outlined the role of the property developer and their duties towards the regulatory authority and also the property buyers. The developer is obligated to provide all documents and information for inspection to the prospective buyers. The builder enters into a written agreement with the buyer before taking any advance money. After the execution of the agreement, the builder will not be entitled to create a mortgage charge on the plot, building or apartment, without the prior written consent of the buyer.
6. Offences and Penalties - In order to make the proposed act effective, the Government will also penalize those who will not comply with its clauses. The penalties range from up to three years imprisonment for not registering a project or for not complying with the orders of the Appellate Tribunal to monetary penalties which may be ascertained on a daily basis for non compliance or as a percentage of the development costs or sale price.
The Model Real Estate Bill seeks to bring clarity and consistency in the fast growing Indian real estate sector. The proposed Act will lead to better information sharing and decision making, between builders and the consumers. Further, by seeking to establish the Regulatory Authority and Appellate Tribunal, the Model Act provides for a forum where disputes could be heard by a specialized expert body, which would result in speedy dispensation of justice.
- Anonymous9 years ago
Even as the model Real Estate (Regulation of Development) Act has laid out elaborate rules for development of colonies and construction of apartments, it has exempted development of land up to 1,000 square metres from mandatory registration with the proposed regulatory authority. According to the draft, “no such registration shall be required, when the area of land proposed to be developed into a colony does not exceed 1,000 square metres or the number of apartments proposed to be constructed does not exceed four”. This exemption is seen as a move primarily to help land development for own-use. The draft has clearly elaborated the role, responsibility and obligations of promoters who undertake land development. It has made it mandatory for a promoter who develops a real estate project to make available for inspection all documents and information to any person who is intending to take a plot/building/apartment in the project.
- 4 years ago
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- Anonymous9 years ago
Yes off-course it will be.
I guess the Article is about for same is fair enough to give the answer.
There is no other argues require.