Lok Sabha approved the Real Estate (Regulation and Development) Bill, 2016 on 15th March, 2016. The Bill seeks to create a set of rights and obligations for both the consumers and developers and encourage both of them to live up to the expectations of each other as per the agreement entered into by both of them. Rajya Sabha passed the Bill on March 6, 2016.
Shri M. Venkaiah Naidu said that
- The Bill shall have a bearing on the ongoing projects and houses.
- The deposit of 70% is for both construction cost and land cost, and if the land cost has already been incurred the promoter can withdraw to that extent.
- Regarding the provision of imprisonment for any violations of the orders of the regulatory authorities or the Appellate Tribunal, it is certainly not a first option but only the last option.
- Single window approval system is being developed to standardize and settle timelines for approvals and use of IT & GIS for automation of such systems, setting up nodal agency & empowered committees
-Press Information Bureau
A welcome respite for buyers/consumers. The salient features of the Real Estate Regulation and Development Act should be shared by the Govt with the public as much as possible. Education and awareness of the rights is the key to the success of the new Act. Good Luck!