I along with the entire Indian population should thank the Government of India for its initiative taken to put some meaningful regulation in the real estate operation.
Though late, it still a welcome move. Statistics can clearly show how many thousands of Indians have been cheated to the tune of several crones by real estate developers.
Government is considering the following.
* The legislation seeks to prevent advance payments being extracted from buyers without a written sale agreement containing project time line, payment details and possession date. The promoter will not be able to cancel the sale deed unilaterally. If there is sufficient reason to do so, a notice will have to be given and the money paid will be returned with interest fixed to bank rate. The promoters would furnish a bank guarantee equal to 5% of estimated cost of projects.
* Providing A Solid Foundation
* Builders will have to register with regulator and provide details of number and size of plots, layout plan and other facilities before launching any project
* They will not be able to take any advance payment from buyer without written sale agreement mentioning project timeline, payment details and possession date
* Promoter can’t cancel sale deed unilaterally. Will have to give notice and provide entire amount with interest
* Buyers will have to be clearly told the carpet area, super area, common area and other specifications of apartments by the promoter
* If developers fail to provide services like supply of electricity, water, sewage and drainage, consumers can approach the regulator for relief Builders can’t hide ‘actual living space’
Thank you Government of India. I wish you put all this into immediate effect.
Original article:
Buying home to get safer
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