MORE POWER TO BUY­ERS

STATE ACTS

HT Estates - - Front Page -

Ma­ha­rash­tra Own­er­ship Flats Act of 1963 UP Apart­ment Act 2010 The Haryana De­vel­op­ment and Reg­u­la­tion of Ur­ban Ar­eas Act, 1975 The Delhi Apart­ment Own­er­ship Act 1986 The Kar­nataka Apart­ment Own­er­ship Act, 1972 The draft bill is first ap­proved by the cabi­net com­mit­tee Sent to Lok Sabha and the Ra­jya Sabha and de­bated upon Af­ter pas­sage by both houses of Par­lia­ment it be­comes an act It is no­ti­fied or pub­lished in the gazette Comes into ef­fect; for­mally be­comes a law Process for ap­point­ment of a reg­u­la­tory au­thor­ity be­gins in states to pri­mar­ily reg­u­late the en­tire hous­ing sec­tor and specif­i­cally the pro­moter and even­tu­ally en­sure that the rights of buy­ers are pro­tected, an apart­ment act of a state reg­u­lates the rights and obli­ga­tions of dif­fer­ent stake­hold­ers. It also looks at com­mon main­te­nance, for­ma­tion of RWS etc. How­ever, since it has no teeth, the reg­u­la­tory body seeks to fill that gap.

Both the apart­ment acts and the cen­tral act will even­tu­ally com­ple­ment each other. The ju­di­cial pro­vi­sions in case of apart­ment acts are gen­er­ally weak, the cen­tral act seeks to ad­dress that is­sue by hav­ing full con­trol over the pro­moter.

It also pro­poses an al­ter­na­tive re­dres­sal fo­rum or an ADR. The om­buds­man that it has pro­posed, will be an in­for­mal court that will help mit­i­gate mat­ters.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.