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.
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