Features Of The Real Estate Bill 2013

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The Real Estate Bill 2013

·         Under this bill promoters will have to disclose details of the project and names of the persons involved in the project. All brokers and agents will have to be registered with the real estate regulator before they can practice and the builder needs to maintain a list of all agents involved in the project.

·         Developers cannot offer any pre launch sales advertisements and can launch projects only after acquiring all statutory clearances from the relevant authorities. These statutory clearances need to be submitted to a regulator and displayed on a website before construction starts. Land titles, amenities, Water and Electricity clearances, Sanitation clearances need to be obtained before the project is cleared.

·         Carpet area clearly needs to be mentioned and private developers can only sell properties based on carpet area to bring standardization in the industry. Ambiguous super built up area is frowned upon.

·         All projects need to be registered with the real estate regulator before sale. The regulator will get 15 days to accept or reject the project. If rejected the reasons have to be clearly put down in writing. If the regulator fails to state whether the project is approved or rejected within the 15 day deadline or clear rejection is not specified, the project will go through. The developer will have to deposit up to 70% of the funds received for a particular project in a separate bank account which prevents developers from diverting funds to other projects.

·         There will be a penalty of 10% of the cost of the project for first time offenders and repeat offenders could get a jail term of 3 Years. This should surely keep the developers on their toes.

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