Amendments in Real Estate Bill to benefit home buyers

Are you aware of the amendments proposed in the Real Estate Bill?

What is exactly the Real Estate bill?

For your knowledge, the Real Estate Bill is a bill that was proposed to bring in more transparency in the transactions taking place in the real estate industry. The features of the bill speak of having a regulatory authority to take control and monitor the development of projects, the details set out  by the builder and developers, the pricing of the projects, etc.

The Real Estate bill that was applicable to only the residential real estate is now made applicable for both, the residential and the commercial real estate. This will enable complete procurement of information and details about the real estate projects in both, the residential and the commercial real estate.

With the amendments proposed in the real estate bill, the home buyers can look forward to take possession of the new flats/properties on time. With the acceptance by the housing ministry of the parliamentary panel’s recommendation on the real estate bill that bars the developers to extend or rather divert more than 50% of the amount received from the buyers towards other new projects.

Initially, according to the original bill, the state governments were allowed to lower the limit while now, post approval of the amendments, the ministry has agreed to the panel’s recommendation to empower the state government to make strict provisions and raise the 50% threshold but not lower it.

So, if you have already invested or bought a flat in a location like Baner (this region is expected to give the home buyers variety of options of properties to choose from in coming time) and have not yet got the possession of the flat, then this bill will help you get your property on time.

For those of  you who are searching for fabulous residential properties in Baner with a fine-tooth comb, this bill will ensure you get your home keys in hand on time without any delays as been happening over the years.