The much-awaited real estate bill is in its final lap. 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.
The much-awaited real estate bill is in its final lap. 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.
The Union minister of housing and poverty alleviation Kumari Selja revealed this on the sidelines of a conference in Delhi. In the final draft, the role of the judiciary and the regulatory body has been more clearly defined. The appellate authority is going to be stronger now.
The real estate bill was drafted keeping in mind the interests of the consumers who had complaints of non transparent agreements and 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 and instead endow power with the regulatory authority and the appellate tribunal by giving them the powers of a civil court.
Together with the regulatory authority, the Bill also proposes to create the housing appellate tribunal, both bestowed with vital adjudicatory powers. Earlier, flat buyers could only approach consumer forums or civil courts for their disputes with the builders.
The Bill seeks to enhance transparency in flat purchase transactions by requiring developers to make disclosures regarding title over the land, carpet area, layout plan, consumption of floor space index, additional floor space index and details of the promoter enterprise. Developers are also required to disclose the schedule for procurement of municipal services such as sewerage, water supply, electricity, drainage and 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 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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