Friday, 18 December 2015

Cabinet amendments that changed the purview of development

The Union Cabinet recently amended as many as 20 sections of the Real Estate Bill to make it easier for everyone to cope up with some aggressive development projects being conducted in various cities in India. The kind of amendments that have been brought in or are proposed clearly designed to ease off a lot of pressure on the buyers. The purview clearly indicates that the Cabinet was more or less focused on making it easier for the people who will invest in real estate. This decision will certainly encourage more investors and buyers.
In case of the real estate developers, a lot of concessions have been passed along with some restrictions as well. So, it can’t really be assumed that these amendments are completely pro-buyer. More projects can now be a part of the regulators ambit as the cabinet amended the earlier mandatory size of complex from 1000 sq. meters to 500 sq. meters or 8 flats in an area. This will bring in more projects and more development that will include smaller realtors. This decision has been lauded by all as it will not only bring more people involved but it will also give more housing to thousands of more individuals seeking a place to reside.
For buyers-
The formation of a society or association of the residents of a complex must be done within 3 months of giving away possession according to one of the amendment. This will ease people’s hassles as they will govern their own premise without any unnecessary intervention of the builders. Buyers who are not satisfied with their homes or have been under-provided can directly seek justice in the consumer court instead of the real estate regulatory board. This will not only keep builders on their toes to provide the best but it will also give buyers the right to voice their discontent against any unfulfilled promises.
For builders-

Earlier, the builder was liable to pay for any occurrence of damage to the building within two years of construction but now, that has been regulated to 5 years. Any delays or defects must be addressed and the builder must pay the interest of the same, easing it out a bit for the buyer.

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