The real estate bill had been welcomed with arms wide open by property buyers in India and has been opposed for long by property developers for 6 years during which time it was being pushed around by the Parliament and law makers. Why has one bill been the cause of anxiety, anticipation, happiness, disappointment and all other sorts of emotion to all these people? Are you predominantly losing your mind while trying to understand what the bill is all about and what is causing such discussions and outcry? Here we are about to unravel what the Real Estate (Regulation and Development) Bill 2013 intricately means to builders and buyers and what all the implications in the bill means for both parties.Project RegistrationClause: Possibly the most important clause in the bill is that all promoters have to register each project with a real estate regulatory authority before doing anything else. This means the promoter has to disclose details like name, plans, companies in partnership, construction contractors, type of construction etc. The amount of area up for sale will also have to be disclosed. If the builder involves agents in the sale, they will also have to be disclosed and registered. After registration all the details provided by the builder will be published on an authorized website on which project completion status will also has to be updated quarterly.Implications: The bill is bent on standardizing the amenities, floor space index etc of the buildings. Possibly the bill will not bring in new definition of standards but developers will be made to follow standards set by the Bureau of Indian Standards which clearly defines things like plinth area, super built up area, carpet area, difference between room area and balcony etc. once constructors follow the standard it will be much easier for buyers to compare building and make informed decisions about their purchase.Brokers and agents may largely be done away with as now all the information will be made available on the website and buyers can do their own evaluation and directly talk to developers. Many real estate analysts are of the opinion that the transparency in deals will give buyers more confidence.ClearancesClause: Builders can sell and advertise their projects only after they have received all the required approvals. These include approvals such as ones needed for water supply, sanitation, electricity, land titles, amenities etc. There would be no pre-launch sales as prelaunch sales usually mean sales without acquiring all approvals. The regulatory authority will have to accept or reject a registration application within 15 days of receiving it failing to do which the project will be automatically considered registered.Implication: Previously approvals came in phases. Developers in India are required to get approvals from 55 different departments. Now they have to wait till all the approvals are received and only after that they can launch the project. This can cause delay in construction and handing over possession. This also means escalation of costs in some cases due to corruption and also due to banning of prelaunch sales. This can indirectly burden the buyers. Therefore many builders are agitated and are asking who is to be held responsible if the delay of approvals is caused by government officials?Completion on TimeClause: Builders have to deliver homes within the promised or stipulated time. In failing to do so they have to furnish a full repayment of investment along with interest. Penalties can range from 5-10% of the project cost to jail term. These penalties are also applicable on misrepresentation of facts, false promises etc.Implication: Buyers may rest easy after a long time. A developer with good business going will not risk landing up in jail. Buyers who have entered schemes like payment of EMI two years after taking bank loans etc can also relax as having to pay EMI on a home loan for an indefinite period before getting possession is on its way of being removed. Buyer ComplaintsClause: House buyer complaints can be addressed to an appellate tribunal, which is being set up to hear only real estate cases. This body will have the same powers as a civil court and will comprise of a chairperson and two others of whom one will be a judicial member.Implication: Recently owners of a high end apartment have been left without either electricity or water though they have already paid the developer to pay for these facilities for the coming 25 years. Who will solve t heir problem now? Setting up a separate body to hear real estate complaints will definitely facilitate solutions to such problems. Complaints can also be lodged about the bad quality of construction, absence of promised facilities etc. займ на карту без отказов круглосуточновзять кредит онлайн