Hindustan Times (Chandigarh) - Estates - - FRONT PAGE -

The act aims to fa­cil­i­tate bet­ter reg­u­la­tion of the realty sec­tor, in­creas­ing trans­parency and ac­count­abil­ity, with a fo­cus on pro­tect­ing home buyer in­ter­ests against de­fault­ing builders. Manda­tory reg­is­tra­tion of new and on­go­ing projects; manda­tory sub­mis­sion of ap­provals, pos­ses­sion sched­ule, plans, track record, promised ameni­ties and fi­nan­cials, etc with reg­is­tra­tion ap­pli­ca­tion any ag­grieved per­son can file a com­plaint with the author­ity; vi­o­la­tion of the Act can lead to fine and im­pris­on­ment 70% of the sum re­alised for the project from al­lot­tees to be de­posited in a sep­a­rate ac­count, to be used only for that pur­pose if the buyer finds any short­com­ings in the project, he/she can con­tact the de­vel­oper in writ­ing within a year of tak­ing pos­ses­sion law en­sures that realty project is com­pleted in time. If de­layed, then the de­vel­oper will have to pay in­ter­est on the amount paid by the buyer.

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