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Bill to regulate Real Estate in India – transparency and home buyer interests

The Bill establishes a State Real Estate Regulatory Authority for that particular state as the government body to be approached for grievances against any builder, be it residential or commercial property. This will happen once every state ratifies this Act and establishes a state authority on the lines set up in the law. Obliges builders to park 70% of the project funds in a dedicated bank account to ensure they do invest in numerous new projects with the proceeds of the booking money for one project.
Builders must post all information on issues such as project plan, layout, government approvals, land title status, sub contractors to the project, schedule for completion with the State Real Estate Regulatory Authority (RERA) and then in effect pass this information on to the consumers. No super built-up area hideouts, carpet area is clearly defined in the law. Delays in project makes developers liable to pay the same interest as the EMI being paid by the consumer to the bank back to the consumer. Jail term for violating builders is 3 years with or without a fine.
Buyers can contact developers in writing within 1 year of taking possession to demand after sales service if any deficiency in the project is noticed. A builder cannot make changes to the plan that had been sold without the written consent of buyers. Project measuring more than 500 square metres or more than 8 apartments will have to be registered with the RERA.

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