Experts such as Rohit Raj Modi, vice-president, CREDAI, and Hitesh Jain, senior partner, ALMT Legal, debate on whether the Real Estate Regulator Bill should be applicable to ongoing projects. The duo also touch upon various other controversial points of the Bill
In the case of defaults or delays, the same rate of interest will be levied for promoters as well as buyers. The Bill also seeks to establish fast track dispute resolution mechanism
Experts believe the Bill should have also brought state governments and municipalities into the ambit to ensure speedy government approvals
Irfan Razack, Chairman and Managing Director, Prestige Estates, says a total of five new projects in Bangalore and Mangalore are ready for launch.
This week Prime Property showcases 1] what suggestions a 21-member committee submits to the real estate regulator bill in the Rajya Sabha; 2] why Ambit Capital says property prices will crash by 50 percent in Mumbai and; 3] why Shapoorji Pallonji decides to enter affordable housing when realty market is dead.
With less than ten days left for the monsoon session of Parliament, Prime Property tells you about the major changes that maybe made to the Real Estate Regulator Bill.
The real estate regulator bill may miss its date with the upcoming monsoon session of parliament, the good news is it may carry more punch from imprisonment of builders to holding the centre and state governments accountable. Nayantar Rai of Prime Property has more details.
While Bill already provides for strict penalties including jail for errant builders, the amendments seek to make it mandatory for all developers, including of housing projects, to keep minimum 50 percent of funds collected from buyers in a escrow account to meet construction cost.
Cabinet approval to amend the Real Estate Regulator Bill has been proposed by the Urban Development Minister.
Two amendments to draft dilutes final bill - 1) lowering lock-in of customer advance from 70% to `70% & lower`, 2) removal of clause `Written Agreement in place before accepting > 10% advances`
Though the Bill will turn out to be a boon for the property purchasers and the consumers, it has received a lot of criticism from developers for not being inclusive in its approach towards them.
The Cabinet on Tuesday cleared the Real Estate Regulator Bill, but did not take up the Food Security Bill, saying it will be discussed on Friday.
Market experts expect bourses to run on a short rein again and advise investors to bet on Bata and exit from Titan due to the curbs on gold imports announced by RBI