Upper house passes real estate bill: tough time for builders, best time for buyers

In a bid to create a corrupt-less real estate sector in the country, the upper house on last day cleared the most-discussed Real Estate Bill. Reports say that the bill will be presented before the lowers house for detailed deliberation on coming Monday.   If it could attain a positive response in the Lok Sabha, then the bill will successfully turn into a law that could ensure the accountability of the property-business. As per the new bill, the project registration and data collection have been made a compulsory procedure. The latter procedure demands a complete disclosure of project details, including plan, contractor details, engineer details and many more.

To eliminate the discriminatory sales, the bill demands that the sellers cannot insist on any kind of discrimination. They should encourage all kinds of buyers irrespective of class, caste, sex, and other factors, it added. The discrimination in the real-estate sector was one of the most discussed issues in the social media platform last year. The bill suggests that the government should develop a regulatory committee to monitor the vast real estate sector. In order to spike down the possibilities of fraud practices, the bill insists that the developers cannot organise pre-launches before acquiring proper building-approval from the concerned authorities. In addition to this, it discourages the developers from using graphically designed pictures for attracting the customers.

The bill strongly recommends that the government should impose huge fines if they caught any defaulter. The developer must return the complete amount with a fixed interest amount to the customer if they fail to complete the project in proposed time, the bill added. However, it is learned that hereafter the customers could be able to check the details of the developer and his work history in the regulatory authority’s website. It seems that with this bill the government could tackle the growing real estate lobby to an extent.

Vignesh

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