Real estate regulatory bill is passed in Andhra Pradesh Assembly
The Legislative Assembly of Andhra Pradesh had passed the Act for regulating promotion of construction and sale of apartments in multi-storied buildings in Hyderabad and other areas of the state on ownership basis.
This regulation will provide transferability and heritability by the individual purchaser of not only the apartment concerned but also the fractional interest to it in the common areas and facilities.
According to the real estate regulatory Bill the builder has to ensure formation of the society, lay down voting rights as per the built up area purchased by each flat owner and register the same with all details with the municipal corporation or urban planning body.
The Bill also says that the builder has no right to alter the plan sanctioned and once a flat is purchased, the purchaser and builder become common owners of all facilities.
However, it appears as if the Act was passed and promulgated only to safeguard the interests of builders rather than the general publics as 35 important sections have become practically defunct because it will not come into effect until the builder and owners of the apartments opt for it by executing and registering a declaration.
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Source: The Hindu
buildings in Hyderabad, Real estate in Hyderabad, Real Estate regulatory bill, Regulatory Bill, State government
[...] Real estate regulatory bill is passed in Andhra Pradesh Assembly [...]
[...] Real estate regulatory bill is passed in Andhra Pradesh Assembly [...]
[...] Real estate regulatory bill is passed in Andhra Pradesh Assembly [...]