As a relief to home buyers, the much-awaited Real Estate (Regulation & Development) Bill 2016 has been passed in the Rajya Sabha on Thursday which is to be applicable retrospectively.
This bill is expected to protect the interest of consumers and builders alike, promote fair play in real estate transactions and to ensure timely execution of projects.
Here are some key features of the Real Estate Bill 2016:
- The bill defines carpet area as net usable area of an apartment which means now you will be charged only for your carpet area.
- Construction will start only after getting statutory clearances.
- Misleading advertisements to be made punishable offence where first-time offenders will be fined 10% of project cost and repeat offenders could face jail term.
- All changes in ongoing projects to be vetted by 2/3rds of the home buyers.
- The Real Estate Bill is now applicable for both commercial and residential real estate projects. It also calls for the establishment of a ‘Real Estate Regulatory Authority’ in States or Union Territories (UTs) to regulate real estate transactions.
- -more at DNA