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Haryana to have regulatory body for realtors

Postby rizgr8 » Wed Feb 06, 2013 1:32 pm ... 358865.cms

Haryana to have regulatory body for realtors
By Sukhbir Siwach, TNN | Feb 6, 2013, 02.30 AM IST

CHANDIGARH: To regulate the growing real estate sector and prevent unscrupulous realtors from targeting property buyers, Haryana government has planned to set up a Real Estate Regulatory Authority.

The government has planned to bring a bill to set up the authority in the coming budget session of the state assembly scheduled to commence from February 22, said Rao Dan Singh, chief parliamentary secretary (town and country planning), on Tuesday. "As of now, property buyers in case of any dispute with builders have to approach the civil courts. After constitution of the proposed authority, they would be able to complain in the new forum. Apart from giving early relief to them, the authority would also reduce the burden of courts," claimed Rao, adding that the authority may be empowered with quasi-judicial powers.

The regulatory authority will be headed by a chairman and two members - probably retired IAS officers. Sources said that the authority may mainly handle complaints pertaining to disputes related to sale and purchase of flats and houses in housing societies. There may be provision for imprisonment to violating builders in case they break the provisions of sale agreements related to cost and timeline fixed at the time of contract signed with the buyers while selling flats or houses, said a source, adding that the Union government has suggested imprisonment up to a year or fine extending to 5% of the total project cost in similar violations.

For the similar proposed central law, the Union law ministry has reportedly proposed that the builders would invite an imprisonment up to three years or face a fine of up to 10% of the project -- in case they don't register themselves with the authority - when the land exceeds 1,000 square metres in the project. The UPA government in Centre will introduce the Real Estate (Regulation & Development) bill before the parliament during in the coming Budget session.

"The central government has issued broader guidelines to set up such authorities in each state and we will keep in mind the same before finalizing the draft bill for Haryana," said an officer of state government.

Principal secretary of the town and country planning department, SS Dhillon, said, "We have prepared draft proposal to seek the approval of chief minister before tabling it in the state assembly."

In past few years, Haryana has witnessed hectic real estate activities especially in Gurgaon, Faridabad, Rohtak, Sonipat, Panipat and Rewari due to state's close proximity to the national capital.
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Re: Haryana to have regulatory body for realtors

Postby BlessU » Thu Feb 07, 2013 11:33 pm


Please find enclosed,

Draft Haryana Real Estate (Regulation and Development) Bill, 2013

Friends, it is an opportune moment wherein we can file our suggestions and objections along with positive inclusions to the bill. Normally, these get included if sent within 30 days.

Let us not miss out on this opportunity. Once approved, this will become an Act and thereafter any amendments will not be easy.

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