Home buy­ers to get more rights

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

NEW DELHI: The gov­ern­ment un­veiled draft pro-con­sumer real es­tate rules on Fri­day that stip­u­late timely com­pen­sa­tion for project de­lays and a strin­gent an­tidis­crim­i­na­tion clause, aim­ing to shield mil­lions of home buy­ers from un­scrupu­lous prac­tices in a largely un­reg­u­lated in­dus­try.

The pro­posed rules un­der the Real Es­tate (Reg­u­la­tion and Devel­op­ment) Act, 2016, set a 45-day dead­line for the pro­moter to re­fund the home buyer, along with ap­pli­ca­ble in­ter­est and com­pen­sa­tion, in case of any de­lays.

The draft rules — which spell out­howalawwill­beim­ple­mented –bar builders from dis­crim­i­nat­ing on any grounds. “Dis­crim­i­na­tion on the ba­sis of re­li­gion, veg­e­tar­i­an­ism or non-veg­e­tar­i­an­ism and even sex­ual ori­en­ta­tion will be pro­hib­ited,” of­fi­cials said.

Un­der the rules, both the pro­moter and buyer will have to pay com­pen­sa­tion in case of de­lay or de­fault of pay­ment, re­spec­tively. The rate of in­ter­est will be two per­cent higher than the SBI’s bench­mark in­ter­est rate, which is used by the bank to for­mu­late lend­ing rates.

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