Centre approves real estate draft rules for Union Territories

real estate draft rulesThe draft for real estate rules applicable for the Union Territories has been approved by the Centre. It shall be open for objections and suggestions from the public before finalizing. The rules where approved by Ministry of Housing & Urban Poverty Alleviation for five Union Territories namely Chandigarh, Daman & Diu, Andaman Nicobar Islands, Dadra & Nagar Haveli and Lakshadweep. The draft was unveiled by the Centre on June, which intends to regulate the real estate sector, bringing transparency and protect the consumer interest. Here are the major features of the draft rules:

  • Promoter/builder/developers should reveal the date of possession of the property in the agreement itself.
  • The date of possession can only be extended on special cases like war, floods, drought, fire, cyclone, earthquake or any other natural hazards.
  • The date on which the commencement certificate and clear land title to be granted should also be mentioned.
  • The total number of stories & plots, carpet area, common area and the total prices should also be mentioned in the agreement.
  • According to the draft, the total prices will be including cost of land, cost of construction, common areas, additional charges, taxes, wiring and firefighting equipment.
  • The rule also says that prices cannot be escalated except in the case if development charges are changed.

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