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.

Comments

Virginia
 - 
Thursday, 14 Apr 2016

I loved as much as you will receive carried out right here.
The sketch is tasteful, your authored subject matter
stylish. nonetheless, you command get got an impatience over
that you wish be delivering the following. unwell unquestionably
come further formerly again as exactly the same nearly very often inside case you shield
this hike.

my blog :: digital grand piano reviews: http://www.lucianoamato.it/itemlist/user/22897

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 14,2020

New Delhi, Jul 14: India's COVID-19 tally breached the 9 lakh mark as 28,498 new coronavirus cases were reported in the last 24 hours, informed the Union Ministry of Health and Family Welfare on Tuesday.

As per the Health Ministry, there are a total of 9,06,752 coronavirus cases in the country of which 3,11,565 patients are active cases.

5,71,459 patients have been cured/discharged while one patient has been migrated, the Ministry informed further.

553 more deaths due to COVID-19 were reported in the last 24 hours in the country, taking the number of patients succumbing to the virus to 23,727.

The Centre further informed that India's recovery rate from COVID-19 stands at 63.02 per cent while the recoveries and deaths ratio stood at 96.01 per cent and 3.99 per cent respectively.

As per the Ministry, Maharashtra -- the worst-affected state from the infection -- has a total of 2,60,924 COVID-19 cases and 10,482 fatalities. While Tamil Nadu has a tally of 1,42,798 cases and 2,032 deaths due to COVID-19.

Delhi has reported a total of 1,13,740 cases and 3,411 deaths due to COVID-19.

As per the information provided by the Indian Council of Medical Research (ICMR) 1,20,92,503 samples have been tested for COVID-19 till July 13, of these 2,86,247 samples were tested on Monday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
June 5,2020

Jodhpur, Jun 5: A video has gone viral on social media showing what could be called Jodhpur's George Floyd moment with a twist, showing cops throwing a person on the ground and pressing his neck with their knees for roaming around without a mask.

However, unlike the unfortunate incident in Minneapolis, Minnesota, the cops in Jodhpur reportedly acted after the person, said to be mentally challenged, turned violent after being confronted by the police.

Dumb TV media is playing the initial part of this video as 'India's George Flyod moment'. Doesn't matter to them that the same video shows the man beating the cops back badly pic.twitter.com/vGSaON6oii

— Swati Goel Sharma (@swati_gs) June 5, 2020

George Floyd, a 46-year-old black man, died after being arrested by the police outside a shop in Minneapolis in the US on May 25. Footage showed a white officer, Derek Chauvin, kneeling on Floyd's neck for several minutes while he was pinned to the floor. He was pronounced dead later in the hospital, triggering widespread protests across the US.

However, in the Jodhpur incident, the man, identifed as Mukesh Kumar Prajapat, did not die but instead started fighting with the policemen.

Jodhpur police officers confirmed that the video was shot in the city on Thursday after the police wanted to issue a challan against the man for roaming on the streets without wearing a mask before he started manhandling the police.

The video shows a cop pressing his neck with his knee while two other cops held the young man's legs. A huge crowd gathered when the scuffle broke out.

Meanwhile, the SHO of Dev Nagar police station, Somkaran, said that the police were issuing a challan to Prajapat when he attacked them and tore their uniform. An FIR has been lodged against Prajapat on a complaint lodged by the Pratap Nagar police station. He will be produced in the court later in the day.

Prajapat is said to be mentally challenged and had damaged his father's eye earlier for which a case was registered against him, the poice said. Action is being initiated against Prajapat under the Epidemic Act, they added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 28,2020

New Delhi, Jan 28: Kolkata Metro Rail Corp expects to complete its East-West project, which runs partly under the city’s iconic Hooghly river, by March 2022 after a delay of several years doubled costs.

The authority is awaiting a final installment of Rs 20 crore ($2.8 million) over the next two years from the Indian Railway Board, said Manas Sarkar, managing director at KMRC. A soft loan of Rs 4,160 crore from Japan International Cooperation Agency helps fund 48.5% of the project.

India’s oldest metro, which started in 1984 with a North-South service, was due to expand by 2014 but faced problems including squatters on the planned route. These issues have contributed to the total project cost rising to about Rs 8,600 crore for some 17 kilometers from Rs 4,900 crore for 14 km.

“About 40% of total transport demand will be tackled by these two metro services,” Sarkar said in an interview at his office in Kolkata. “It will be a relief for environmental pollution and the city should be much more decongested.”

The new line is expected to carry about 900,000 people daily, -- roughly 20% of the city’s population -- and will take less than a minute to cross a 520-meter underwater tunnel. Depending on the time of day, it takes some 20 minutes to use the ferry and anywhere upward of an hour to cross the Howrah bridge.

KMRC will repay the JICA loan over 30 years after an initial six-year moratorium. The interest rate is between 1.2% to 1.6%. The East-West metro project is 74% owned by the railway ministry and 26% by the ministry of housing and urban affairs.

“We don’t anticipate any further cost escalation now,” Sarkar said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.