Delhi: Mr.Prime Minister of India approved the Real Estate Bill proposed with few amendments to Form “Real estate Regulatory Authority of India ” (RERAI) 2015 to benifit the interests of investers or Buyers in real estate industry.
I as a real estate Marketing Manager with reputed Builder welcome the government’s move to regulate an authority for betterment of real estate industry , As i have been noticing that most of the builders & Developers who doesn’t have vision make false commitments and make real estate customers suffer by : 1)Diverting funds invested to a different project .
2)Over commiting the pocession date of apartments and making customers suffer and loose trust in real estate.
3)Not maintaining Quality standards
4.lot more can be discussed etc…
With the introduction of Real estate Regulatory Authority of India ” (RERAI) the Quality Builders with Good Vision need not worry and Business will continue to high level of expectations
The Real Estate Regulation Highlights
1 The Bill provides for mandatory registration of all projects with the Real Estate Regulatory Authority in each State. Real estate agents who intend to sell any plot, apartment or building should also register themselves with this authority.
2 It makes mandatory the disclosure of all information for registered projects like details of promoters, layout plan, land status, schedule of execution and status of various approvals.
3 It seeks to enforce the contract between the developer and buyer and act as a fast track mechanism to settle disputes.
4 Fifty per cent of the buyers’ investment has to be deposited into an escrow account that would be used only for the construction of that project.
5 The Bill prohibits a developer from changing the plan in a project unless two-thirds of the allottees have agreed for such a change.