Budget Homes

Real Estate Regulation and Development Bill 2011 will be boon for buyers. As of now real estate is not known for fair practice. Many mal practices are instrumented by Promoters and Builders. 'Defaulting Builder' and Promoter delaying the possession can be put behind bars if this bill come into effect.

Through this bill, 2 years jail and 10% of the project cost as penalty for defaulting promoters/builders. Builders have to pay the interst to buyers for delayed possession.

Anybody can be a builder/promoter today. Once this bill is passed, builders/promoters have to register their company in "Real Estate Regulatory Authority" in each state. This will eradicate 'Mushroom builders'.

This bill also envisages setting up 'Real Estate Appellate Tribunal' hear and redress the compliants. This will bar civil court hearing real estate matters which the autority or tribunal is empowered to determine.

Real Estate can be overhauled by Real Estate Bill 2011 if it passed. This will eradicate failure of commitments from builder, delayed possession, defaulting, non-repayment of booking amount/advance against cancellation, and the myth called price fixation.

Source: Hindu dated: 24-Dec-2011