Team  SoOLEGAL
Important Amendments Features of “The Real Estate (Regulation and Development) Bill, 2013
Team SoOLEGAL 9 May 2016

Important Amendments Features of “The Real Estate (Regulation and Development) Bill, 2013

After several amendments, deliberation, and opposition, Rajya Sabha on 10 March 2016 finally approved the Real Estate Bill that considerably amends actual Real Estate Bill, 2013. Bill largely helps to protect the interest of purchasers by promoting the transparency, efficiency and accountability during the construction as well as the execution of the real estate projects by the promoters. It holds promoters responsible for not listing their projects with Real Estate Regulatory Authority or supplying insufficient information related to the project. Moreover to the allottees and promoters, Real Estate Bill brings brokers who help in the sale and purchase of the units of any project in its realm.

Below we have mentioned few salient features of the Real Estate bill.

  1. Registration of the Regulatory Authority
  2. The carpet Area
  3. 70%realistation from the allottees in a different bank account
  4. Refusal or approval of the registration
  5. Revocation or fall of the registration
  6. Regulatory Authority website
  7. Prospectus or Advertisements issued by promoters
  8. Limit on the receipt related to advance payment
  9. Defects in the structure
  10. Limitation on the addition or changes in the plans
  11. Penalties and offenses
  12. Other important provisions etc.

 

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