HOW CON­SUMERS WILL BEN­E­FIT

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE -

COM­PLAINTS: Con­sumers can ap­proach the real es­tate reg­u­la­tor. No need to make rounds of con­sumer or civil courts

REG­IS­TRA­TION: Any pro­ject — com­mer­cial or res­i­den­tial — built on over 500 sq. mt or 8 apart­ments has to be reg­is­tered be­fore launch. Penalty up to 10% of the pro­ject cost, re­peat of­fence could land de­vel­oper in jail

FUNDS: De­vel­oper will have to put 70% of money col­lected from a buyer in a sep­a­rate ac­count to meet con­struc­tion costs. Will stop de­vel­op­ers from di­vert­ing buyer’s money to new projects

PRICES: New law will bring more in­vest­ment, lead­ing to more units, and, in turn, sta­bilise prices

COM­PLE­TION: Rules will be en­sure con­struc­tion is com­pleted on time

AREA: Us­able spa­ces like kitchen and toi­lets will be men­tioned im­part­ing clar­ity

RE­PAIR­ING: De­vel­oper’s li­a­bil­ity to re­pair de­fects in­creased to 5 years from two.

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