Real Estate Bill redrafted to safeguard property buyers
The model real estate Bill has been redrafted to safeguard buyers from builders and land sharks.Under the new Act, builders risk losing their license for not keeping promises on deadline or quality
In a move to safeguard buyers from builders and land sharks and regulate the real estate sector, the housing and urban poverty alleviation ministry has redrafted the model real estate Bill -pending since 2009 -to add more teeth to it.
Taking note of complaints of substandard materials, cheap accessories and delays in completion, the ministry has decided to make the draft model Real estate (Regulation of Development) Bill a central Act under the concurrent list. This will not only make it mandatory for states to implement it once the Bill is notified, it will also give powers to the Centre to enforce the provisions.
The previous form of the Bill did not make it mandatory for the states to adopt the Act. The ministry plans to introduce it in the monsoon session of Parliament after inter-ministerial consultations and cabinet approval.
“Once it’s a central legislation, it will become obligatory for states to implement it. The implementation will be fast,“ said a ministry official.
Under the Act, states will have to set up regulatory authorities and make it mandatory for developers to get themselves registered. The promoter will have to give an undertaking to complete the work as per the conditions of registration, failing which his license can be cancelled.
complaints of substandard materials, model real estate Bill, model real estate Bill redrafted to safeguard buyers, Property Buying, Real estate in India, real estate investors in India, regulate the real estate sector, Regulation of Development, safeguard buyers from builders and land sharks, safeguard property buyers
