Here's all that is covered in the Real Estate Bill 2015.
As a relief to home buyers, the much-awaited Real Estate (Regulation & Development) Bill 2015 has been passed in the Rajya Sabha on Thursday which is to be applicable retrospectively.
This bill is expected to protect the interest of consumers and builders alike, promote fair play in real estate transactions and to ensure timely execution of projects.
Here are some key features of the Real Estate Bill 2015:
-- Municipal bodies and government projects will not be covered by the bill.
-- The bill defines carpet area as net usable area of an apartment which means now you will be charged only for your carpet area.
-- Construction will start only after getting statutory clearances.
-- Misleading advertisements to be made punishable offence where first-time offenders will be fined 10% of project cost and repeat offenders could face jail term.
-- The Bill provides for imprisonment of up to three years in case of promoters and up to one year in case of real estate agents and buyers for any violation of orders of Appellate Tribunals or monetary penalties or both.
-- All changes in ongoing projects to be vetted by 2/3rds of the home buyers.
-- The bill would prohibit unaccounted money from being pumped into the sector and as now 70% of the money has to be deposited in bank accounts through cheques.
-- The Real Estate Bill is now applicable for both commercial and residential real estate projects. It also calls for the establishment of a 'Real Estate Regulatory Authority' in States or Union Territories (UTs) to regulate real estate transactions.
-- A minimum of 70% collections from buyers should be deposited in separate escrow account to cover cost of construction and land.
-- Appellate Tribunals will now be required to adjudicate cases in 60 days as against the earlier provision of 90 days.
-- The Bill provides for registration of all real estate projects with Regulatory Authorities to be set up, requiring developers to disclose project information including details of the promoter, project, lay-out plan, land status, status of approvals, agreements along with details of real estate agents, contractors, architects, structural engineers.
(With PTI inputs)
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