Move in the right di­rec­tion

HT Estates - - FRONT PAGE -

Pro­mote in­vest­ment flows: The Real Es­tate (Reg­u­la­tion and De­vel­op­ment) or RERA Bill is ex­pected to help reg­u­late the realty sec­tor and pro­mote trans­parency. If im­ple­mented in the right spirit, it could fa­cil­i­tate greater vol­umes of do­mes­tic as well as over­seas in­vest­ment flows

Reg­u­la­tory author­ity in ev­ery state: The bill pro­poses the es­tab­lish­ment of reg­u­la­tory author­ity and ap­pel­late tri­bunals in states and Union Ter­ri­to­ries, while an­nounc­ing the reg­is­tra­tion of projects as well as real es­tate agents

Re­dres­sal sys­tem for home­buy­ers: Buy­ers will get proper griev­ance re­dres­sal sys­tems. Puni­tive ac­tion in­cludes can­celling reg­is­tra­tion of projects, in rules set by the reg­u­la­tory author­ity are vi­o­lated

In­ter­est rate: De­vel­op­ment firms will have to pay in­ter­est to buy­ers for any de­fault or de­lays at the same rate that buy­ers are charged cur­rently. Under RERA, builders will be held ac­count­able for five years for any struc­tural de­fects in the build­ing after tak­ing com­ple­tion cer­ti­fi­ca­tion

More projects in its am­bit: In its cur­rent form RERB is ap­pli­ca­ble to res­i­den­tial and com­mer­cial projects above 500 sq m or eight apart­ments. This pro­posal had been ac­cepted in De­cem­ber last year, since the ear­lier pro­vi­sions were meant for projects with a min­i­mum 1,000 sq m area

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