Real Estate law should be made applicable on small projects: Panel
If the parliamentary panel’s recommendations be implemented, the projects that are built on 100 square meters of area or more would be brought under the purview of the Real Estate (Regulation and Development) Bill, 2013.
In its report on the Bill, the Standing Committee on Urban Development said that the small projects, where the area of land is less than 1000 square meters or where a building does not have more than 12 flats had been excluded from the purview of the Bill. The Committee is also of the view that the threshold can be further lowered by the central government on recommendations of states or union territories. The panel further said, “The committee cannot but deplore this callous attitude of the ministry to leave such an important issue in the hands of state governments.”
The panel also suggested the amendment of the legislation to ensure the applicability of the Bill on “area of land proposed for residential construction up to 100 square meters and number of apartments to be developed (not exceeding 3 numbers) instead of 1000 square meters.”
The committee further said that as per the Bill, if a promoter fails to discharge any obligation, he will be liable to pay a fine. The compensation of which should be calculated in a judicious manner keeping in consideration the principal amount paid by the allottee and the rate of interest.
The panel also recommended that according to the Bill, it was the responsibility of the promoter to obtain a completion certificate. It suggested a suitable time limit should be specified for authorities to provide completion certificates.
The committee also recommended that there shall not be any addition of the clauses in the Bill which empower the Real Estate Regulatory Authority to give directions to state governments to put in place a single window system for all providing all the necessary clearances to a builder or promoter.
Source: The Economic Times
100 square meter, Central government, panel, Real Estate (Regulation and Development) Bill, Standing committee, state, union territories, Urban development
