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Saturday, September 26, 2009

Developers will soon be required to post project details, including civic clearances, on the website of the real estate regulator

Buying home to get safer in New Delhi and NCR, new real estate bill mooted

Isn't buying property very much safe in Maharashtra, particularly in Pune, India?

1) The law to regulate real estate developers will call on builders to provide details of the number and size of plots, layout plan, carpet area and plinth area of flats, apartments or any other housing complexes.

2) The draft bill has maintained the power of civic agencies to approve the project. It will be the responsibility of the developer to give information to buyers relating to nature of the title to land, layout plan sanctioned by local authority and plan of development works. The big advantage of the law would be that civic agency details will be given to the regulator.

3) The developers also cannot hide the "actual living space" they are offering to buyers as they have to distinguish the carpet area, super area and common area along with the plan and specifications of apartments.

4) The consumer can ask promoters to spell out the details of common services like supply of electricity, water, sewage and drainage, lift, light in passages and staircases, sanitary services and fire-fighting instruments in the project. And if developers fail to provide these services, consumers can approach the regulator, which can also take suo-moto cognizance and inquire into the matter and pass order as it may find necessary.

5) If there is any deviation from the advertisement, the promoter has to compensate buyers for any loss due to false information. In case of pulling out of a project, the builder has to return the money with interest at a rate not more than current rate.
To read more, please, visit The Times of India:

Related Story:

Builders must make a public disclosure of the land mortgaged to banks - RBI cracks whip

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