Finally all the bottle necks that were
holding the real estate bill down for so many years have finally been cleared.
A special committee of Rajya Sabha examined the previous bill of 2013 and
submitted its report with amendments and recommendations. This new draft which
was which was drafted based on the recommendations of the committee will be
placed before the cabinet in its next meeting, after the cabinet approves it
the bill will be introduced on the floor of the house in the winter session of
the parliament. The committee comprising of 21 members of the Rajya Sabha
headed by Mr. Anil Madhav Dave was formed after the opposition parties
vehemently protested against the present format of the bill. As of now it seems
that the amended bill has the support of all the parties which should ensure
that the bill is passed in both houses of parliament smoothly.
The requirement to regulate the
scattered real estate market was the need of the hour and this bill will ensure
that the gap that exist between the developers who have all the know-how on how
the market operates and the first time buyer who do not have complete knowledge
of the markets and how it functions is reduced and they get a good deal when
the purchase their house.
The draft cleared by the committee
gives detailed and comprehensive procedural requirements on how this bill
intends to bring transparency, and uniformity in an otherwise unorganised
sector. The provisions for strong penalties for developers who default like
imposition of fine of 5% of the project cost for the first time, should the
developer fails to meet with guidelines laid down in the bill, should act as a
deterrent for the developers. For, the first time home buyer this bill will
ensure that they are not signing on any agreement when they are buying an
apartment but have a Model Draft Agreement issued by Central Government to fall
back upon.
With this bill coming to effect, the
developers will now have to register and disclose every aspect of their
project, and by establishing state level real estate regulatory authorities,
the government has ensured that there is a grievance resolution body for
aggrieved buyers. This bill has laid down some basic rules and parameters for
the sector; where earlier there were no such regulations.
With the Rajya Sabha panel now making
these recommendations it is on the Government to ensure that the bill is passed
in both the houses without further delay and the home buyer interests are
protected.
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