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Discussions related to Real Estate matters, Real Estate laws, loans, financial queries

Real Estate Bill Gets Union Cabinet Approval

Postby dheerajjain » Wed Jun 05, 2013 6:34 am

Congratulations everyone ! Real Estate Regulatory gets Union Cabinet Nod. Next step is to get it passed in Parliament. Thing that worries is that Cabinet is intending to take it in Parliament in August :-( Not sure whether Govt. will survive till that date.

http://www.thehindubusinessline.com/ind ... epage=true

http://www.thehindubusinessline.com/ind ... epage=true
Nod for Bill to create real-estate watchdog

Aimed at protecting consumer interests
New Delhi, June 4:

The Cabinet on Tuesday approved the Real Estate Regulation and Development Bill that will enable the setting up of a regulator. Widely seen as a measure to protect buyers’ interests, the Bill will ensure speedy dispute resolution, and envisages imprisonment for realtors who lure consumers through misleading advertisements.

The Government intends to present the Bill during the monsoon session of Parliament in August.
Misleading ads

The Bill has been languishing since 2007 due to pressure from the real-estate lobby which has been opposing the proposed law.

Key aspects of the draft Bill include punishment for selling a project without registration and also putting out misleading advertisements. The proposed Real Estate Regulation may include imprisonment up to three years or penalty of up to 10 per cent of the estimated cost, or both.

The proposed Bill will not apply to commercial construction. It will mandate that private builders sell houses in residential projects on the basis of carpet area or built-up area, instead of the vague ‘super area’.

The proposed piece of legislation seeks to make it mandatory for a developer to maintain a separate bank account for every project to ensure that the money raised for one project is not diverted. The law suggests that the cost of construction for a particular project will have to be maintained as a separate account.
Statutory clearances

There is also a provision to make it mandatory for developers to launch projects only after getting all statutory clearances.

Under the new law, builders will be able to sell property only after getting all clearances.

Developers will be barred from collecting money from buyers before obtaining all the permits necessary to start construction on the project. The Bill also proposes that the buyer should have a right to get refund with interest, in case of delay.


http://news.outlookindia.com/items.aspx?artid=799903

Cabinet Approves Real Estate Bill
A Bill providing for setting up a regulator for the real estate sector and having provisions like a jail term of up to three years for developers who make offences like putting up misleading advertisements about projects repeatedly was approved by the government today.

The Real Estate (Regulation and Development) Bill, approved by the cabinet, seeks to provide a uniform regulatory environment to the sector.

It also intends to make it mandatory for developers to launch projects only after acquiring all statutory clearances from relevant authorities.

Builders and developers who become repeat offenders may even face a jail term of up to three years.

The Bill makes it mandatory for builders to clarify the carpet area of the flat. This would be made uniform for the entire country. This rule would make the concept of super area - which is often used to mislead owners - virtually non-existent.

The Bill has provisions under which all relevant clearances for real estate projects would have to be submitted to the regulator and also displayed on a website before starting the construction, sources said.

The proposed legislation has tough provisions to deter builders from putting out misleading advertisements related to the projects carrying photographs of the actual site.

Failure to do so for the first time would attract penalty which may be up to 10 per cent of the project cost and a repeat offence could land the developer in jail.

The Ministry of Housing and Urban Poverty Alleviation is working on bringing all projects under a single-window clearance. While the Airports Authority of India and municipal bodies have come on board, there are some objections from the Environment Ministry which are being looked into.

Ministry sources said 22 states had given their approval to the Bill while five states wanted certain amendments. These changes have been incorporated in the Bill cleared by the Cabinet today, sources said. Chhattisgarh is the sole state to still oppose the Bill.

Builders and developers will have to get all clearances - from title deed to project cost - cleared before construction begins. FAR (Floor Area Ratio) will also have to be specified clearly by the builder.

While the Regulator in the states will be appointed by the state governments, in Delhi the Urban Development Ministry will appoint the regulator. DDA is likely to be made the regulator in Delhi, sources said.

The Regulator will also be the appellate authority in cases of dispute. This will save the owners the hassle of running around to different authorities for redressal.

The developers will also have to specify the common area in the society. The term "apartment" has been specified in the Bill and will include the space to be provided for a garage.
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Real estate bill aims to curb black money

Postby dheerajjain » Thu Jun 06, 2013 8:01 am

http://www.hindustantimes.com/India-new ... 71605.aspx

The Real Estate Regulatory Authority bill will go a long way in checking the huge inflow of black money into the realty sector.



Though there are no exact estimates, the realty sector is known to a big generator of black money in the country. The bill approved by the cabinet Tuesday has stringent clauses to help trail money laundering in the sector.

It not only makes it mandatory for real estate developers and property agents to get themselves registered with the regulator but also makes it mandatory for developers and agents to submit a record of their accounts to the regulator.


"The records of project account would help in trailing the money inflow into the sector. Till now investigating agencies used to face a tough time trailing black money in the absence of any record," said Ajay Maken, Housing & Urban Poverty Alleviation minister.

Maken said this clause was incorporated in the bill following the advice of the finance ministry. "The department of Revenue wanted it to be incorporated," he added.

The bill, which was approved by the cabinet on Tuesday, will come into force after Parliament gives its green signal.

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Re: Real Estate Bill Gets Union Cabinet Approval

Postby dheerajjain » Thu Jun 06, 2013 8:04 am

http://www.hindustantimes.com/India-new ... 71624.aspx

The Delhi Development Authority (DDA) is the biggest ‘landlord’ of the Capital, owning large swathes of land in a city where land is scarce. For most Delhiites, houses built and sold at affordable rates by the DDA are their only hope of owning a house in Delhi.

The dream of owning a DDA flat, however, could turn into a nightmare as allottees of the 2010 housing scheme of DDA have found out. Not only were the 16,000 odd buyers made to run from pillar to post to get possession of their flats after much delay, the flats they got were mostly incomplete and many complained of bad quality of construction.


Most residential complexes built by DDA as part of this scheme started receiving water and power connections only last month. DDA’s usual lackadaisical attitude, however, might change when the Real Estate Regulatory Authority Bill that was cleared by the cabinet on Tuesday comes into force after getting the Parliament’s nod.

The Bill has elaborately defined the term “promoter” to include not only private developers but also government agencies, which are into building and selling residential houses. This will automatically bring development agencies like DDA under the ambit of the legislation.

It will be mandatory for the promoter to register the housing project with the real estate regulator before it is launched. Mandatory public disclosure of all projects will include details like layout plan, carpet area and the number of the apartments booked, plan of development work, status of the statutory approvals, disclosure of proforma agreements, name and addresses of architect etc.

“This will go a long way in providing redressal to people who have bought such flats but were left unsatisfied with the construction quality as well as the facilities that have been provided,” said Ajay Maken, Housing & Urban Poverty Alleviation minister.
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Cabinet Approves Bill for Setting up Real Estate Regulator

Postby webmaster » Tue Apr 07, 2015 9:07 pm

The Cabinet today approved the Real Estate Development and Regulation Bill, which aims to set up a regulator for the real estate sector.

The bill seeks to protect home buyers from unscrupulous developers.

The bill provides for mandatory registration of all projects, besides mandatory disclosure of information like details of promoters, layout plan, land status, schedule of execution, status of various approvals and carpet area.

It also seeks to enforce the contract between the developer and buyer and provides for quick remedial measures in case of disputes.

The bill was introduced in the Rajya Sabha in August 2013, and then referred to a Parliamentary Standing Committee, which had submitted its report in February 2014.

http://profit.ndtv.com/news/economy/art ... tor-753009
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Re: Real Estate Bill Gets Union Cabinet Approval

Postby dheerajjain » Sun Apr 12, 2015 2:34 pm

Real Estate bill being passed by Govt. now is diluted bill from what was passed in 2013 by UPA Govt. Bill is influenced by builder lobby like DLF etc. Expectedly, DLF called the bill 'Game Changer'.

See some provisions which are detrimental to buyers:

1. Builder can divert 50% or even more funds from project to other projects. Previously it was upto max 30%. So, builders will continue to divert funds.

2. No timelines for approvals by Govt. departments. Means mass scale corruption will continue and delays will happen

3. Also, government has deleted a clause that provided power to the appellate tribunal to punish the officials of a real estate company for contempt of not complying with the orders of the regulator. Means, builders will not have fear for not complying with highest level Real Estate Authority.
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Re: Real Estate Bill Gets Union Cabinet Approval

Postby manojkaushik24 » Sat Apr 18, 2015 9:30 am

Can we file a petition and request for incorporating above points...without these it seems to be the toothless bill and will not help consumers...
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Real Estate Bill Feedback

Postby manojkaushik24 » Tue Jun 02, 2015 8:32 pm

Dear All,

As we all know The Real Estate Bill has been referred to a Select committee of the Rajya Sabha for examination and report.

The Select Committee has decided to invite written memoranda on the said Bill within 10 days. Those desirous of submitting memoranda or giving oral evidence before the Committee may visit the website of the Rajya Sabha (http;//rajyasabha.nic.in, under the heading 'Notice Board'.

Above notification can be seen on hindustan times (02 June 2015) , Page no 21. Request you all to send your suggestion and it may help in building a good bill.

Regards,
Manoj Kaushik
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Post your Memoranda on Real Estate Bill

Postby dheerajjain » Thu Jun 04, 2015 7:05 am

Please post your memoranda to

rsc3as@sansad.nic.in
Joint Director (Com III),
Rajya Sabha Secretariat,
Room No. 212A,
Parliament House Annexe,
New Delhi-110001

I have already posted memoranda. You should also do the same to get Real Estate Bill that takes care of home buyers.

I have sent my following suggestions.:

"1. Ninety Percent (90%) of the amounts realised for the real estate project from the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank within a period of fifteen days of its realisation to cover the cost of construction and shall be used only for that purpose.This will ensure the timely completion of the project as well as proper utilization of money on the project without its diversion for some other projects

2. All builder buyers agreements/terms & conditions (including fitting fixtures, furnishsing agreements, booking terms and conditions etc.) should be scrutinized by the Authority

3. Builder should not be allowed to alter the proposed structure from what was offered to him.

4. Carpet Area should be clearly defined and definition can be amended only by parliamentary process

5. Process of approaching Redressal authority should be simplified and should not be complex judicial process. Also, there should be provision of sending builder to Jail if he does not comply with orders passed by Redressal Authority

6. Registration/ commencement certificate to builder should be given only after due diligence and scrutiny of applications"
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Re: Real Estate Bill Gets Union Cabinet Approval

Postby pawan gulati » Sun Jun 07, 2015 5:08 pm

i have posted as followa.
pawan gulati <pawan.kr.gulati@gmail.com>
5:05 PM (0 minutes ago)

to rsc3as
rsc3as@sansad.nic.in
Joint Director (Com III),
Rajya Sabha Secretariat,
Room No. 212A,
Parliament House Annexe,
New Delhi-110001

dear sir
my few suggetions are as follows-
1-gaurantee- builder must give minimum 5 to 10 years gaurantee for seepage,euipments , accessories etc stalled by him and for workmanship. now every manufacturer of tv , home appliance those cost only few thousand rs gives gaurantee of 5 to 10 years. a house cost minimum 40 to 50 lakh and involve life time saving.
2- in deciding maintainance charges involve residents. it should not be more than 10 to 15% of the margin.
3-when builder is taking ifms (interest free maintanance security ) than why he is again demanding one year advance for maintanance.
4- agreement date should be considered date of first payment. builder normally do agreements after recieving 25% payment and consider the date of agreements for late compensation which is normally six to twelve month late from first payment.
5-builder is charging at the time of possession more than one lakh saying other item charges. this practice must be stoped.
6-after taking first advance from customer builder must give in writing to the customers signature as a proof the papers which customers has to sign at the time of possession/registry for study to customers. if customers has objection than first advance money to be return within 30 days. now a days builder is taking forcibly so may bonds and affidavits at the time of possession which customers was unknown earlier.
the above points i am writing after my bad experience with builder who trapped the customers.
thanking you
pawan gulati
9810950501/9837705565

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klj greens

Postby pawan gulati » Mon Jun 08, 2015 5:17 am

rsc3as@sansad.nic.in
Joint Director (Com III),
Rajya Sabha Secretariat,
Room No. 212A,
Parliament House Annexe,
New Delhi-110001

dear sir
with reference to my earlier mail. one more suggesion as follows-
1- the agreement and papers etc to be signed by buyer and builder should always apart from english in hindi/local language
thanks
pawan gulati
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klj greens

Postby pawan gulati » Mon Jun 08, 2015 5:20 am

rsc3as@sansad.nic.in
Joint Director (Com III),
Rajya Sabha Secretariat,
Room No. 212A,
Parliament House Annexe,
New Delhi-110001

dear sir
my few suggetions are as follows-
1-gaurantee- builder must give minimum 5 to 10 years gaurantee for seepage,euipments , accessories etc stalled by him and for workmanship. now every manufacturer of tv , home appliance those cost only few thousand rs gives gaurantee of 5 to 10 years. a house cost minimum 40 to 50 lakh and involve life time saving.
2- in deciding maintainance charges involve residents. it should not be more than 10 to 15% of the margin.
3-when builder is taking ifms (interest free maintanance security ) than why he is again demanding one year advance for maintanance.
4- agreement date should be considered date of first payment. builder normally do agreements after recieving 25% payment and consider the date of agreements for late compensation which is normally six to twelve month late from first payment.
5-builder is charging at the time of possession more than one lakh saying other item charges. this practice must be stoped.
6-after taking first advance from customer builder must give in writing to the customers signature as a proof the papers which customers has to sign at the time of possession/registry for study to customers. if customers has objection than first advance money to be return within 30 days. now a days builder is taking forcibly so may bonds and affidavits at the time of possession which customers was unknown earlier.
the above points i am writing after my bad experience with builder who trapped the customers.
thanking you
pawan gulati
9810950501 /9837705565
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Re: Real Estate Bill Gets Union Cabinet Approval

Postby manojkaushik24 » Mon Jun 08, 2015 4:16 pm

I have also sent it today.

Regards,
Manoj Kaushik
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