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Union Cabinet approves Real Estate bill ammendment

15/12/2015

5 Comments

 
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In a previous post we had discussed the need to Regulate Real Estate in India. We are happy to see this slowly becoming a reality. There were several points of contention in the Real Estate bill, first proposed in 2013, and the Union cabinet has announced various amendments. Highlights below:
  • Applicable for both commercial and residential real estate projects.
  • Establishment of a 'Real Estate Regulatory Authority' in States or Union Territories (UTs) to regulate real estate transactions.
  • Mandatory disclosure of all registered projects,
  • Compulsory for builders to deposit 70% of the amount raised from buyers into an escrow account within a period of 15 days to cover the construction cost of the project. This prevents the builders from using these funds elsewhere. 
  •  Jail term of up to three years or penalty, or both in case of builders. 
  • Promoters are barred from changing plans and design without the consent of consumers.

We now await for the bill to be passed in the Parliament. 
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5 Comments
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28/1/2016 02:30:08 am

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tenant management software link
25/5/2016 02:50:54 am

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Nemmadi.in link
17/6/2016 02:42:43 am

This blog sounds great; it informs everyone about the real estate bill. Before making investments, the home inspections are need to done for quality checking aspects. Regards | http://www.nemmadi.in

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Sartaj Singh link
28/6/2017 02:28:15 am

I am much thankful for this important step taken by govt. and i even invested in project with Nitesh Estates because they were one of the first developers to follow this.

Reply
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3/11/2017 02:29:01 am

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