Real estate bill ambit excludes office space sale
New Delhi- The upcoming budget session will have the real estate bill tabled without any changes. It is said that the ambit of the bill excludes the sale of space for commercial purposes like offices or shops.
Due to a tug-of-war between Ajay Maken’s housing ministry who is piloting the bill and Kamal Nath’s urban development ministry who is staking a claim on it, the changes were made. A meeting was held between the ministers to clear out the differences.
Although the bill was produced before the cabinet the previous week, it was deferred due to protests from Nath’s unit. Nath stated that the bill cannot be unilaterally finalised without consulting his team by the housing ministry. This was followed by a letter from him to the Prime Minister.
The proposing of this bill will help in regulating the real estate in India and will be a safe net for the buyers. It also implies real estate authority for every state deciding about the consumer complaints.
The bills states that the developers will clearly define the carpet area, the lay-out of apartments, structural design and plans for other on-site development. The developers will not be allowed to make any changes or altercations once the sale agreement is signed. The builders will not be allowed to provide wrong information in their advertisements. The buyer will be compensated in case of any deviation from the information and a builders quitting from a project will have to return back the money along with the interest equal to the current market rate.
As per the PM, there should not be any difference of opinion when the bill is produced to the cabinet the next time. As per Nath, his key demand was to apply the bill only on the housing units and not commercial units followed by a demand that the Real Estate Authority for Delhi should be incorporated under the urban development ministry. Henceforth as per an official, the demands have been looked into and the bill will be sent to the cabinet after the changes.
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