Mapsko Group: Real Estate Bill Approved by Government

A lot has been discussed about the much awaited real estate bill and here it is with another nod by Parliament. Indian parliament gave nod to real estate bill on Tuesday (15 March 2016). While the prominent thought is that this was a deferred step, the consensus remains that the bill will reform the real estate industry.

The primary beneficiaries of this bill will be the buyers. The bill tries to make a Real Estate Regulatory Authority and an Appellate Tribunal that will watch over the housing sector. This is a praiseworthy step towards consumer’s interest.

Few Highlights of the bill are -

1. Relevance of the Bill - The relevance of the bill has been constrained to the residential sector and it clearly defines the terms like ‘apartment’ and ‘real estate project’.

1. Standardization of Key Terms - Other than characterizing the two key terms, apartment and project, the bill standardizes the implications of different other well known and important terms, like common area, carpet area, advertisement and prospectus, et cetera.

1. Foundation of a Regulatory Authority and Appellate Tribunal - A Real Estate Regulatory Authority will be set up for the enforcement and regulation of the segment. It will be authority like Telecom Regulatory Authority of India (TRAI) for telecom and Insurance Regulatory and Development Authority (IRDA) for protection. It can impose punishment like detainment up to 3 years on developers who violate the law. A Real Estate Appellate Tribunal will comprise a retired or current High Court judge as its head and a legal and regulatory/specialized member will hear appeals from the directions of the adjudicating and the authority officer.

1. Duties and Registration of Real Estate Agents – Now the agents should be registered. They can sell only those units that are enrolled with the Real Estate Regulatory Authority. The agents must have clear documentation and furnish allottees with the necessary records they're entitles to possess.

1. Public Disclosure and Statutory Clearances of a Project - Developers should acquire all statutory clearance from regulatory authorities before launching a project. The clearances should be submitted to the controller and highlighted on a site before beginning the development.

Mapsko Group welcomes the bill whole heartedly and following all the norms of the bill, launches yet another incredible project Casa Bella. Casa Bella is the upcoming project of Mapsko Group in Gurgaon and spread over a wide area with all the basic and luxuries that one wants to lead a comfortable and royal life in a pocket friendly way.

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