Real Estate regulatory bill
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 [...] Continue Reading »
New Delhi- With a lackluster realty market last year, the Indian realtors are expecting better market sentiments this year. They have been banking on the important legislation which is supposed to be introduced by the government in the upcoming budget session of the parliament. The budget is expected to create a larger impact on the [...] Continue Reading »
In 2013, the real estate sector is to witness transformation. Real estate (Regulation and Development) Bill which was pending since 2009 is expected to come up in the budget session of parliament in February. The Bill will empower consumers and enforce discipline among property developers and it proposes to set up an industry regulator along the lines [...] Continue Reading »
To encourage growth in the real estate sector, Confederation of Real Estate Developers’ Associations of India (CREDAI) has sent a letter to MPs to look into this matter. CREDAI national president , Lalit Kumar Jain requested in this letter to focus more on housing sector which will not involve any cost and problems. Letter also [...] Continue Reading »
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 [...] Continue Reading »
The Housing and Urban Poverty Alleviation ministry has drafted the real estate regulatory bill, and planned to introduce it in the budget session that concluded last month. However, following huge numbers of protest, the ministry held a fresh round of consultations with all the states last month to try and get them on board. It [...] Continue Reading »
The severe criticism on the useless housing regulatory bill has forced the Maharashtra Government to make a few amendments in the original form of the bill, aimed at protecting consumer interests. The decision was taken after the government received nearly 3,500 suggestions and objections from developers, architects, engineers, housing societies, NGOs and even individual citizens [...] Continue Reading »
The Confederation of Real Estate Developers Association of India (CREDAI) appealed to the Prime Minister to intervene in the real estate regulatory bill, so that the regulation will be able to prevent the inflow of black money into the realty sector. According to the president of CREDAI, 20 years back Manmohan Singh, as the Finance [...] Continue Reading »
The draft Real Estate (development and regulatory) Bill has suggested that every builder must maintain escrow account for customer advances and all third-party liabilities so that proper monitoring and use of proceeds is ensured in real estate projects. Last year, the Reserve Bank of India, too, asked banks to put in place an escrow mechanism [...] Continue Reading »
As there is no regulator in the real estate industry, the home buyers suffers a lot by the delay in project. Often builders refuses to listen to the buyers for the delay in Projects in India. To overcome the scenario, a regulatory bill is essential to enhance transparency in the real estate industry and promote [...] Continue Reading »
