Once the Real Estate Bill is enforced, it will be a drastic status quo in favour for the home buyers to safeguard their interests. The much awaited bill by the Centre will make them hold the key role in real estate. But it is way more than anticipated, that Union Minister M Venkaiah Naidu said in the upper house that their government is aiming to bring the already sold flats under the regulation of the new Bill.
Rather than refining the future of real estate, the provision is also handy that it is also benefiting more buyers, who have already booked their flats and still undergoing the stressful waiting game in getting their dream home. This is an extra significant move, planned by the government to bring more cheers to the buyers who have already pursued their home purchase.
The Bill includes provisions to make it compulsory for developers to submit all the details of the project along with photographs of promoters to the authority while applying for registration. They also need to quote down the projects they have launched in the past five years with their actual status. This will according to an official, will enable the buyers to make a review about the project before purchasing them.
In case of any substitutions of developers or promoters, the Bill also specifies that the new promoter will be accountable for all the liabilities and this won’t extend the deadline of the project. Buyers will also have the right to get all the details of the property, its progress every quarter, floor plans, besides any government approvals related to the property.
In relating to this, the new Bill has primarily added provisions that it will be the buyers who decide whether a developer can transfer majority rights and liability to a third party. In order to facilitate timely delivery, residents association will be formed from the majority of flats booked within 3 months to the commencing of bookings.