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Cabinet approves realty regulation bill

Wednesday, 05 Jun 2013
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On 04 June 2013, The Union Cabinet approved the Real Estate Bill, which intends to organise and monitor the sector.

The proposed bill seeks to make it mandatory for developers to launch projects only after acquiring all the statutory clearances from the relevant authorities.

Within a year of the Act coming into place, Real Estate Regulatory Authorities will have to be constituted by the government of each state and Union Territory. More than one authority in a state is permissible. At the central level, a Real Estate Appellate Tribunal has been proposed.

There are provisions to deter builders from issuing misleading advertisements on projects. A first time breach will attract a penalty, which could be upto 10 per cent of the project cost.

It also aims to make it mandatory for a developer to set aside half the money collected from buyers in a separate bank account for every project, to ensure money raised for a particular task is not diverted. It provides for a clear definition of 'carpet area' and will prohibit private developers from selling houses or flats on the basis of the ambiguous 'super area'.



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