<p> <br />According to the draft Real Estate (Regulation of Development) Bill, proposed by the Ministry of Housing and Poverty Alleviation’s and is currently circulated to the stakeholders and the state governments, promoters are also restricted from making alterations to the structure without the prior consent of the buyer after the approval of the plan and the agreement of purchase have been made. <br /><br />Besides this, any changes the promoter has effected must be stamped by the Real Estate Regulatory Authority (RERA), which has been designated as the watch dog of the real-estate sector by the draft bill. <br /><br />All real-estate developers must register with the Authority if they venture to develop a property bigger than 1000 sq m or has more than four flats. <br /><br />The bill also states that the promoter cannot be held responsible for the alterations made by the buyer after it has been completed and handed over. <br /><br />If any defect in the structure was found within two years from the date of handing over the property, the onus will be on the promoter to rectify it or the allottee can approach the Authority for claiming damages. <br /><br />The draft also holds the promoter responsible for all the essential services in the building such as water supply, electricity, light in passages, staircases, lifts and sanitary services. It mandates promoters to obtain completion certificate from the competent authorities once the building is completed. <br /><br />The allottee can obtain the occupancy certificate from the Authority if the promoter has failed to provide it after the building’s completion. He can claim the expenses from the promoter. While registering with the Authority the builder will have to display the nature of fixtures, fittings and amenities, including the provision for one or more lifts, stage wise time schedule of completion of the project, schedule for connecting the project with the municipal services such as sewerage, water supply, electricity, and drainage in the authority website. If the builder fails to do so, he can be liable for punishment apart from losing his registration from the Authority. <br /><br />For several allottees and promoters, especially in the metros, the draft may be a welcome one since it stipulates the roles and responsibilities of the promoters and the exact terms for transferring the property to the buyer. It also provides the basic regulation under which real-estate sector can function.</p>
<p> <br />According to the draft Real Estate (Regulation of Development) Bill, proposed by the Ministry of Housing and Poverty Alleviation’s and is currently circulated to the stakeholders and the state governments, promoters are also restricted from making alterations to the structure without the prior consent of the buyer after the approval of the plan and the agreement of purchase have been made. <br /><br />Besides this, any changes the promoter has effected must be stamped by the Real Estate Regulatory Authority (RERA), which has been designated as the watch dog of the real-estate sector by the draft bill. <br /><br />All real-estate developers must register with the Authority if they venture to develop a property bigger than 1000 sq m or has more than four flats. <br /><br />The bill also states that the promoter cannot be held responsible for the alterations made by the buyer after it has been completed and handed over. <br /><br />If any defect in the structure was found within two years from the date of handing over the property, the onus will be on the promoter to rectify it or the allottee can approach the Authority for claiming damages. <br /><br />The draft also holds the promoter responsible for all the essential services in the building such as water supply, electricity, light in passages, staircases, lifts and sanitary services. It mandates promoters to obtain completion certificate from the competent authorities once the building is completed. <br /><br />The allottee can obtain the occupancy certificate from the Authority if the promoter has failed to provide it after the building’s completion. He can claim the expenses from the promoter. While registering with the Authority the builder will have to display the nature of fixtures, fittings and amenities, including the provision for one or more lifts, stage wise time schedule of completion of the project, schedule for connecting the project with the municipal services such as sewerage, water supply, electricity, and drainage in the authority website. If the builder fails to do so, he can be liable for punishment apart from losing his registration from the Authority. <br /><br />For several allottees and promoters, especially in the metros, the draft may be a welcome one since it stipulates the roles and responsibilities of the promoters and the exact terms for transferring the property to the buyer. It also provides the basic regulation under which real-estate sector can function.</p>
