Nod to Real Estate Bill by Parliament; relief for home buyers

March 15, 2016

New Delhi, Mar 15: It will now be difficult for promoters and builders to delay projects, with Parliament today giving nod to a bill which gives relief to home-buyers and proposes imprisonment of up to three years besides monetary penalties for any violation of rules.naidu

The Real Estate (Regulation and Development) Bill, 2013, approved by Lok Sabha today, five days after its passage by Rajya Sabha, is designed to protect consumer interest, ensure efficiency in all property-related transactions, improve accountability of developers, boost transparency and attract more investments to the sector, the government said.

It provides for setting up of a Real Estate Regulatory Authorities (RERAs) which will ensure timely execution of projects.

The RERAs will regulate transactions related to both residential and commercial projects and ensure their timely completion and handover.

The proposed law makes it mandatory for all residential and commercial projects to register with the Regulator and will apply to new and ongoing projects.

Appellate Tribunals will now be required to adjudicate cases in 60 days as against the earlier provision of 90 days and Regulatory Authorities will have to dispose of complaints in 60 days. In the earlier bill, no time frame was indicated.

The Bill provides for imprisonment of up to three years in case of promoters and up to one year in case of real estate agents and buyers for any violation of orders of Appellate Tribunals or monetary penalties or both.

Replying to debate on the bill, Urban Development Minister M Venkaiah Naidu said the Bill envisages that "What you are committing, what you are promising, please fulfill. What you are promising through advertisements, please fulfill that. That is the purpose of this Bill."

Naidu also sought cooperation from the states for faster clearances to projects to make this Bill, which will override all state legislations, a success.

"We are trying to make the beautiful advertisements given by developers in front page of newspapers dutyful. Our ultimate intension is to ensure consumer satisfaction. Once the Bill is notified, you will get more investments in the real estate sector, early clearances and property prices will come down," he said.

Government is also trying to bring in a National Urban Rental Housing Policy, he said, adding that the policy would take into account the requirements of tenancy hassles in modern days.

"There will be a boom in the real estate sector because of the Bill. Private people, foreign investors, will come and invest. People will buy more properties," the minister said.

Naidu said there has been numerous delays in project execution which the law seeks to address. "Real Estate Bill is a regulation and not a strangulation".

The law provides for builders mandatorly setting aside 70 per cent of money collected from buyers during the pre-sale of homes, for sole use for construction of the project.

Naidu said the bill also provides for buyers and developers paying the same interest rate for any delays in payment or delivery of project respectively.

He said as per the Bill, open parking is part of common area because people sell flats separately and car parking separately. Project can be developed in phases but provisions of the law will apply to each phase.

The Bill was first introduced in the Rajya Sabha in 2013.
"It was originally a Congress party baby. It was a baby which was left out and now we are adopting it," Naidu said.

At this, Congress leader Mallikarjun Kharge remarked that the NDA government should not met out "step motherly" attitude to the Bill.

Naidu said the mandatory registration for projects has been brought down to 500 sq m area, or those comprising eight flats, from 4,000 sq mt proposed in the previous version of UPA government.

It provides for a clear definition of carpet area and a system that would require the consent of two-thirds of the buyers in case there are changes in project plans.

Naidu said Parliament is not interfering in the process of buying or selling of a property and instead is ensuring customer satisfaction.

"If the builders have any problem, I can meet them any time. Whatever difficulties they face, we are willing to discuss," he said.

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News Network
May 10,2020

Thiruvananthapuram , May 10: Issuing latest order in view of coronavirus outbreak, the Kerala government has ordered complete shut down on all Sundays.

"With a view to prevent the spread of COVID-19, improve the quality of life, reduce the carbon emissions, protect the environment and greenery of the State, the following protocol would be observed on Sundays across the State. Sundays will be observed as total shut down days until further orders," the order read.

Following activities will be permissible on Sundays:

A) Shops selling essential items

B) Collection and distribution of milk

C) Supply of Newspaper, media, hospitals, medical stores, medical labs and related institutions

D) No social gathering is permitted except for marriages and funerals

E) Departments, agencies and activities connected with the containment of COVID-19

F) Movement of goods vehicles

G) Agencies in the field of waste disposal

H) All manufacturing and processing activities of continuous nature and ongoing construction activities will be permitted

I) Take away counters of the hotel from 8 a.m to 9 p.m, online delivery up to 10 pm

J) Walking and cycling will be permitted.

K) In addition, the following roads mentioned in Annexure will be closed for motorised traffic except for movement of essential goods and emergency vehicles from 5 am to 10 am. During this time, non-motorised traffic such as walking and cycling will be permitted.

L) Movement of persons on Sundays are allowed only for health emergencies, Government servants on emergency duties and persons engaged in activities connected with Covid-19 containment, persons involved in the activities from (a) to (k) above, priests and other religious persons responsible for conducting rituals in worship places.

M) Any other movement of persons, if any in exigencies, shall only be with the travel passes obtained from District Collector or Police authorities concerned.

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Agencies
June 10,2020

New Delhi, Jun 10: The Enforcement Directorate (ED) on Wednesday brought back over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to Nirav Modi and Mehul Choksi from Hong Kong, officials said.

Out of the 108 consignments that landed at Mumbai, 32 belong to overseas entities "controlled" by Modi while the rest are of Mehul Choksi firms.

Both the businessmen are being probed by the ED under the Prevention of Money Laundering Act (PMLA) in connection with an over USD 2 billion alleged bank fraud at a PNB branch in Mumbai.

The valuables include polished diamonds, pearls and silver jewellery, and is worth Rs 1,350 crore. 

The ED completed "all legal formalities" with authorities in Hong Kong to bring back these valuables, the agency said.

These will formally seized under the PMLA now, it said.

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News Network
March 29,2020

Mumbai, Mar 29: Virologist Minal Dakhave Bhosale led from the front to create India's first coronavirus testing kit even when she was in the last stage of her pregnancy.

Bhosale's efforts paid the price with her team delivering the testing kit in a record time of six weeks.

Bhosale gave birth to a baby girl just a day before submitting the kit to the authorities for evaluation.

"It was like giving birth to two babies," Bhosale told PTI over the phone.

The virologist said both the journeys - that happened in parallel - were not without challenges.

"There were complications in the pregnancy while work on the test kit was on. The baby was delivered through cesarean," she said.

Bhosale said she felt that it was the right time to serve the people to help them in combating the coronavirus threat.

"I had been working for five years in this field and if I don't work in emergency situations when my services are needed the most, then what is the use?" she said.

Though Bhosale was not able to visit the office due to the pregnancy, she was guiding a team of 10 persons working on the project at Mylab Discovery in Pune.

The strong bonds forged with the team over the years and their support made it possible, she said.

Company's co-founder Shrikant Patole said just like drug discovery, test kits too go through a lot of quality checks to improve the precision.

He credited Bhosale for the success of the project.

The COVID-19 testing kit delivered by Bhosale's team will reduce the time taken for delivering a result to 2.5 hours from the prevalent practice of eight hours.

A pioneering approach to testing without compromising on the results was adopted, Bhosale said.

The Maylab test kit will cost Rs1,200, a quarter of Rs 4,500 per kit that the government has been spending on testing so far.

"I'm happy that I could do something for the country," Bhosale said.

As of Friday, only 27,000 of the 1.3 billion people were tested for the virus in the country.

According to experts, high scale testing is essential because it alone can ensure an early diagnosis of COVID-19 and lower down the fatalities.

The company is confident of ramping up the capacity at its plant in Lonavala to deliver 100,000 kits a week, Patole said.

He said the authorities are helping the company, including giving priority for shipping of the raw materials.

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