New Delhi: Here is good news for the buyers in real estate. The most awaited Real Estate bill-2016, which regulates and protects consumer’s rights, is approved in Lok sabha On Tuesday.
To rescue the people undergoing issues with the mighty Real Estate lads and to implement proper bill for the same, last week Rajya sabha had given the green signal for this bill and this act has been now approved even in Lokasabha.
This act will stop the unauthorized large scale investments in the Real Estate field. According to the bill, if the builders cross the deadline for completing the projects and if they don’t transfer the home/apartments in time, the builder should pay fine. The bill says the fine amount will be equal to the interest which the consumer will be paying towards his home loan.
If any Real Estate business person is failing to follow or violating the rules, there is providence that they will be imprisoned for 3 years. Meanwhile, the agents involved will also be imprisoned for 1 year and will be fined.
This amendment also comes into picture after the handover of home/apartments to the customers. According to a rule if the buyers find any loopholes after the purchase they may write a complaint and can get it repaired within a year. Apart from this, it is also stated that the amount which gets collected prior to accomplishment of any home/flats, 70% of it should be deposited in a particular bank account as a fixed deposit. This, in turn, will reduce the transfer of investments from one project to other and will also reduce the chance of delay in completion of projects.
This bill also helps to establish the Real Estate Regulatory Boards at the state level and will be completely a government body where customers will have an option of raising complaints directly.
Earlier in 2013, the UPA proposed the same bill in Parliament. But it had seen a drawback as Rajyasabha had not approved it. But now the same bill has been passed in both the houses and congress has also supported the implementation of it.
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