New rules for Real estate
dealers to protect Home buyers
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NEW DELHI: The Union Cabinet cleared a
legislation to set up a long-pending real estate regulator aiming to protect
home buyers from unscrupulous developers and builders.
A real estate regulator — to be set up in every state — will ensure that private
developers get all their projects registered with it before sale and only after
obtaining all necessary clearances.
"It will be mandatory for developers under the law to get every project
registered with the regulator before selling any immovable property," an
While the commercial real estate has been kept out of purview of the proposed
bill, it will apply to residential buildings.
There is a provision for mandatory public disclosure of all project details like
credentials of promoters, lay out plan, land status, carpet area and number of
apartments booked and status of statutory approvals, addressing a major concern
of buyers about incomplete or fraudulent land acquisition and pending
The consumer-friendly legislation will clearly define carpet area and private
developers will not be allowed to sell houses or flats on the basis of ambiguous
The builders won't be allowed to publish misleading advertisements to lure
buyers while advertising the project. "They will have to use the pictures
reflecting the actual project that will be delivered to homebuyers," an official
The developer will have to deposit 70% of funds received for a particular
project in a separate bank account to cover the construction cost of the
project. This provision was made to discourage developers from diverting funds
of a particular project to another that often causes inordinate delay.
Punitive provisions ranging from a penalty which may be up to 10% of the project
cost, de-registration of the project and imprisonment are being made in the
The Real Estate (Regulation and Development) Bill 2013, which seeks to provide a
uniform regulatory environment to the sector, was opposed by private developers
in totality but housing minister Ajay Maken stuck to it, saying the basic tenet
of the legislation is based on public disclosure that will infuse transparency.
Under the bill, there will be a model builder-buyer agreement which is expected
to reduce ambiguities in real estate transactions that not many buyers are
Real estate agents will also be asked to register with the regulator. Agents, an
important link between the promoter and buyer, have been an unregulated lot till
now. Once they are registered, it will help in curbing money laundering.
For fast tracking settlement of disputes, an adjudicating officer not below
joint secretary in the state will be appointed by the authority. There will also
be Real Estate Appellate Tribunal that will hear appeals from orders, decisions
or directions of regulator and adjudicating officer.
Times of India )
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