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Bill to regulate real estate sector soon: Minister
Sunday March 24, 2013 09:48:07 PM,
IANS
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New Delhi: The
government will soon introduce a bill to regulate the real estate
sector and protect home buyers, Minister for Housing and Urban
Poverty Alleviation Ajay Maken said here Sunday.
"We will take the Real Estate (Regulation and Development) Bill
2012 to the cabinet soon. We hope to pass it in the budget
session," Maken told the national editors' conference here.
"Salaried people usually spend all their savings on buying an
apartment but often suffer delays and cost escalation," he said.
According to the bill, no developer or builder would be able to
start a housing project till he had obtained all the necessary
clearances and submitted them as proof before a regulatory
authority.
The bill would also mandate that no developer would be able to
collect any money from the buyers till he got the permission to
start construction on the project.
Also, the developer would have to deposit all the money collected
from the buyers for a particular project in a separate bank
account and would be allowed to use the funds only for that
project.
"Developers sometimes use funds collected from buyers for a
project to buy land for another project. This results in delays
for the buyer," said Maken.
He also said the developers would not able to use pictures of
housing projects in foreign countries to lure buyers while
advertising their project.
"They will have to use pictures only of their actual project,"
said Maken.
The minister said the bill would provide a uniform regulatory
environment to enforce disclosure, fair practice and
accountability norms and fast track dispute resolution mechanism
in real estate transactions.
"Around 10 percent of the project cost could be fined for the
first violation and a second violation could invite a jail term,"
said Maken.
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