Much awaited
bill has been passed by the parliament of India recently to help the consumer
by creating transparency, accountability and fair deals in the real estate
sector of India, which is notorious for its delays, under the table dealing and
use of black money in business.
The positives
of the bill are that it will create a state level regulatory authority to whom
the consumers can complain. The authority will have power to start proceeding
against the builders mentioned in the complaint and they can prosecute the builder.
The model tenancy bill is also put before the cabinet for registering the tenancy
agreements for solving disputes with special court.
When these
laws will be implemented, they will encourage foreign direct investment in the
sector and great housing unit for people. The builders will not be able to get
huge profit from consumers.
But there is a
problem, the shortage of land, has led to the development of marshlands, low land
for building apartments. These building are made without adequate drain system,
roads and sewage system. This was evident from the study of floods in Chennai
and other cities. The environmental clearance is given without proper thought
to the projects and lands demanded for the projects.
Under the new
bill, the common account will be created, common parking for funds, to make
sure that consumers are not robbed by the builders. Also the single window clearance,
grading of developers and digitization of records will help to create quality
in the real estate sector.
The consumer
courts Real
Estate Lawyers in Delhi will solve the disputes arising between
consumers and builders. The builders cannot charge any extra money in name of
new design or plan without first getting approval from consumers or buyers.
But the
controversial environmental clearance will create problems in the future, if
steps are not taken to address it properly. Last year the national green tribunal
made it clear that area around okhla bird sanctuary cannot be used for construction.
This led to the cancellation of project development around the areas and
stopped the work for more than 70,000 buyers. Another 20,000 buyers could not
take the possession of homes. Then environmental and forest ministry issued the
guidelines limiting the areas around bird sanctuary and allowing the developers
to clear the projects. This announcement gave huge relief to thousands of buyers.
This kind of problems can Intellectual property
firms in Delhi come in future, when lands close to green areas or
forest area, will come for housing development. The clear policy to allot the
land for construction activities will prevent the delay and financial
difficulties to consumers. Because common buyers take loan from banks and any
delay in giving it back, increases the burden of interests and principal sum on
them. The clear marking of land for
forest and wide life will save lot of time and resources of both consumers and
builders.
