Features of New REAL ESTATE REGULATIONS BILL 2013 (PART -A) 1. This bill provide uniform regulatory to the infrastructure sector 2. The law will apply any developer who is coming up with a project of 1,000 sq. meters or above 3. Builders must register all projects with the STATE REGULATORY authority and authorities have to approve or reject the project within 15 days. 4. Developer can launch project only after getting all clearances 5. Developer has to take all regulatory authorities’ approval before taking any advance money or sale before pre launch of project 6. Price of the project should be linked with carpet area and not with super built up area. 7. Real estate agent have to get them self registered 8. The developer will have to maintain a separate bank account for each project, and will not be allowed to divert the money for other projects. It will be mandatory to keep 70% of the buyers fund in a separate bank account to ensure timely completion of project. 9. In case of delay in delivering of house developer has to refund the money with interest to the buyer. 10. Failure of any provision will attract may attract penalty up to 10% of project cost. Repeat offenders may get jail for 3 years. 11. For advertisement of project builder have to use actual site’s photographs. This will was passed in cabinet and after successfully passing in monsoon semester in parliament it will become an act.
Posted on: Sat, 15 Jun 2013 15:21:31 +0000
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