New Delhi: Ever since the clauses of the Real Estate Regulatory Bill had been made public builders and developers of the real estate sector had been complaining about the clause that makes construction and delivery of properties time bound. According to the bill if a developer or builder fails to deliver the possession of property on the time promised prior to taking funds for construction from buyers, the investor or buyer is entitled to a full return of the money they had paid for the project with interest.Developers complained that major delay in the construction of projects in India happens due to the lengthy process of acquiring approvals from different government departments which add up to around 55 different types of approvals and clearances. Developers protested that often government officials make the process rather long drawn and if this leads to project delay, the developers will have to bear the brunt for no fault of their own.To put an end to all complains and complexities issuing out of the matter the Institute of Chartered Accountants of India (ICAI) have issued a guidance note. According to the note developers have to obtain all important approvals and clearances related to the project before he can recognize the revenue from sale of units. Environmental clearances take the longest to acquire so they must be received before everything else. Layout plans and designs as well as title deeds of the land must also be approved and established indisputably.In the past projects have been delayed by years and even cancelled several months after launch as the developers had difficulty or been unable to get clearances. Buyer who had already paid to book flats and paid installments over time are given a refund which consisted only of the principle amount without any interest and sometimes to get even that some buyers had to run from pillar to post. The ICAI’s guidance note definitely brings a sigh of relief among future buyers who are now protected against such misfortunes.займ на карту без отказов круглосуточновзять кредит онлайн