New Delhi: Rajya Sabha, today, i.e. on 10th day of March, is being tabled with the Real Estate (Regulation and Development) Bill, 2015, which is aiming at the protection of the interests of the buyers and brining more transparency to the sector.
It was seen that the concerned Bill which is seeking better organization of the real- estate sector, in India by establishing State- level authorities called ‘Real Estate Regulatory Authorities which will regulate transactions related to both residential and commercial projects. This Bill was first introduced in the year 2013 and amendments have been made to it by the present Government.
Moreover, it was also seen that in the year 2012 the Finance Ministry, while submitting in its paper on black money has pointed out that the Real Estate Sector in India is vulnerable to black money because of under- reporting of transactions. Thus, the present Bill is seeking better organization of the real- estate sector, timely completion and hand- over, accurate information, etc.
In Its timely completion, it is notable that the buyers are facing problem of getting possession of property as promised by seller due to delayed construction, and the bill is seeking that 70 per cent of the transaction money should be kept aside for using it in construction activities. So that there will be timely construction and possession transfer. The Bill is also seeking to mandate on the part of sellers that they have to disclose the information like project layout, approval, contractors, land status, schedule, etc. with the customers. And also, this bill is also making several acts of failure on the part of developers in handing over of possession in time, is punishable and the amount of transaction with interest money will be payable to the buyer, as liability on his part.
Moreover, several provisions relating to the allotments, etc are also sought to be made in this Bill. Thus, the Bill is comprehensive and it was introduced in the month of August, 2013.