The Real Estate (Regulation and Development) Act, which protects the interest of home buyers has finally started seeing light of the day though slowly.
Keeping up with the deadline to operationalise it from November 1, the Central government has notified it for the five Union Territories - Andaman and Nicobar Islands, Dadra and Nagar Haveli, Daman and Diu, Lakshadweep and Chandigarh. None of the states except Gujarat has met the deadline.
Even though your state may not have implemented the Act; it will be similar to the one notified for the union territories and looking at the finer points covered can give you a sense of things to come.
The rules apply to all on-going projects that have not received completion certificate.
Keeping up with the deadline to operationalise it from November 1, the Central government has notified it for the five Union Territories - Andaman and Nicobar Islands, Dadra and Nagar Haveli, Daman and Diu, Lakshadweep and Chandigarh. None of the states except Gujarat has met the deadline.
Even though your state may not have implemented the Act; it will be similar to the one notified for the union territories and looking at the finer points covered can give you a sense of things to come.
The rules apply to all on-going projects that have not received completion certificate.
No misuse of fundsNo lopsided penaltiesNo false promisesTransparent project progress report
- 70 per cent of unused amounts collected for ongoing projects to be kept in a separate bank account.
- Developer needs to declare original sanctioned plans, changes made later, fresh timeline for completion of ongoing projects.
- The interest paid by both, developers and buyers, is pegged to SBI Marginal Cost Lending Rate plus 2 per cent.
- Developers will need to make a host of information public and report quarterly progress on the project to enable informed decisions by buyers.
- The rules apply to all on-going projects that have not received completion certificate.
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