Kochi: In a move to curb unexpected delays in the projects by the builders, the state government has decided to pass the Kerala Apartments Regulation Act. This will back many individuals who often get foul played by the builders. Under the act for planned development of the real estate sector, the formation of regulatory authority has been made mandatory. The proposals drafted have been suggested by the industry and awaiting the cabinet’s approval.According to the draft, every builder must deposit a bank guarantee of 5% of the total cost of the project to the regulatory authority. Other minor proposals are the surety of completion of projects in the promised time, proper approval for the authority, a warranty period of two years for completed projects and production of basic amenities as mentioned in the project details.The draft will be a helpful vigil in checking any misconduct in the industry. It will directly affect the housing real estate positively as the city is producing countless apartment and villa projects at present. A senior official with the Kerala State Housing Board said that often problems arise because of negligence and lack of laws, and now with the new act, the scrutiny of projects will be done with extreme precision which will take the development to the right track. Also the public can approach the authority in case of any grievances.In opposition, the Kerala Builders Association had expressed its dilemma over the 5% bank guarantee proposal and remains skeptic with the proposal of authority. займ на карту без отказов круглосуточновзять кредит онлайн