Cabinet approved a bill to protect buyers from fraud: 10 facts

                       The Union Cabinet of Prime Minister Narendra Modi presided over a meeting on Tuesday gave its approval of the Real Estate (Regulation and Development) Bill, 2013, is awaiting the proposed amendment in the Rajya Sabha. The bill aims to protect buyers of unscrupulous developers. According to reports, in the Rajya Sabha in August 2013, then referred to a parliamentary standing committee, the committee had in February 2014 submitted its report.

This is a 10:00 Cheat Sheet:

1) Real Estate Bill provides that each State / Territory (UT) to establish one or more "Real Estate Board," the supervision of real estate transactions.

2) registered real estate project developer must enforce Authority. Who intend to sell any plot, apartment or building Realtors authority must also make their own registration.

3) The bill is expected to ensure better accountability to consumers and the development of a significant reduction in fraud and delay, the government said in a statement.

4) The proposed preliminary bill for residential real estate. Now recommend covering residential and commercial real estate.

5) It is also through the establishment of a Court of Appeal judge the real estate and building fast-track dispute settlement mechanism.

6) must be forced to disclose registered project developers, such as detailed information on the layout planning, development projects, land status and legal approval status.

Obligation 7) of the Act to clarify the developer's responsibility, including relevant advertising, breach of contract case sold or prospectus, structural defects rectification and refund money authenticity.

Right 8) Under the bill, the Placees or buyers are entitled to periodic project schedule, claiming press start and get refund of interest declaration and compensation is activated in case of default.

9) promoters to be enforced within the cost range from Placees notice of real estate projects in a separate bank account in a large number of pre-deposit of 50% (or less percentage by the authority) construction for a period of fifteen days to pay When used for this purpose. This is designed to prevent developers from raising funds misappropriated from Placees.

10), according to the bill, from the change of plan sponsors, after structural design and plot, apartment or building specifications were not disclosed thirds of Placees agree prohibited. However, minor additions or alterations permitted because the buildings and structures of reasons.

SOURCE : WEB