The real estate bill that has been passed by the upper house of Indian parliament makes it clear that every state has to establish a state regulatory body to deal with any complaint of the buyers against builders. This body will come in existence once all states of the Indian union rectify this law. This bill has several provisions to protect the interest of buyers.
Some of these provisions are -
This act makes it compulsory for all builders to park the 70 % of the collections from public in a dedicated bank account. This will ensure that builders are not able to invest this money in other new projects. When this happens, the builders will not be able to delay the project and its handover to customers.
Any delay in completion of the project will not affect the customers. The law has forced builders to give interest to the customers on their money and make sure that this interest is equal to the EMI amount being paid by the customers to the bank on the loan taken for buying apartment in the project. At present, the builders do not suffer in any way, if there is any delay in the project completion.
The buyers can get free after service in case of any deficiency, from the builder within one year of the possession of the apartment. Every builder is bound by law to give services.
Without consent of buyers, Real Estate Lawyers in Delhi the builder cannot make any change in the plan of the project. This provision of the law will ensure that builders cannot increase the cost of the project by additional changes.
The tendency of the builders to sell on the basis of ambiguous super built up area will come to an end. This provision of the law has made this totally illegal. The carpet area has been defined.
Every project with 500 square metres or more will have to be registered with the RERA, real estate regulatory authority. Similarly, any project with more than 8 apartments will also come with the control of RERA.
Any builder who violates the provisions of the new real estate law will be send to jail. The maximum term is 3 years in prison with or without fine.
The buyers also can contact real estate lawyers for any assistance or suggestion on property purchase or for further knowledge of latest real estate bill. The big Intellectual property firms in Delhi legal firms have services of intellectual property lawyers or specialists in other fields.