Understand Rights in the new Real Estate Bill

What are our rights in the new Real Estate Bill?

Real estate bill is responsible for any dealing happening between land and house buyers and promoters. To keep a check on this the law has a provision to appoint a governmental body for the same. 

This bill is applicable to residential and commercial both kinds of properties. A real estate regulatory authority will be formed to look out after the non-movable property dealings on central and state levels. In a way, the government will keep an eye on our residential or commercial buying and selling of property. The main point in this applicability is that there is a provision of imprisonment on defaulters in both the cases of the builders or developers and the customers. If a customer does not work on the guidelines of the real estate regulatory authority then he/she can be imprisoned. Thus, it is also being said that the customers will think twice before going to a real estate regulatory body. This will be cleared after its regulation only. 

Understand Rights in the new Real Estate Bill 

Under this bill, all immovable property dealings whether commercial or residential need to be registered. There will be a detailed description of the builder’s deal, real estate agent, and architect. Designer, engineer etc. Along with this description promoter, layout, land asset knowledge, and all dealings would have to be mentioned clearly. 

If a promoter’s property and the promoter itself are not registered then they would have to pay a fine of 10% cost of the project. If they go against the rules of the real estate regulatory body then there is the provision of imprisonment of up to 3 years or 10 % of the project cost would be taken as fine. 

If any builder goes against the set rules and regulations of the governing body then he would have to pay a fine of 5 % of the total project cost. Same would be embarked upon the agent where the fine would be 10,000 rupees per day. Once this bill is in motion then there would be more transparency in this sector. 

Builders would be compelled to keep 70% of the project cost in a separate bank for safety purposes. This amount has been finalized so it can be used for the development of the project itself. However, the amount of 70% can be changed by the government. 

This bill will be a paving the way to change the law and judiciary services to a face track pace. So that the issues regarding real estate can be reached at a deciding point in a short time and the customer gets justice in time. There are 644 customer/ consumer courts in the whole of the country for the same. 

This bill was put forward by UPA government in the parliament in June 2013. But it was put forward by the stable committee. This bill was again forwarded after the coalition of Rajed government. The pravar committee of the parliament had submitted their report on the same in last year in July. This bill was passed by the cabinet in Dec 2015. 

Since there is very less land left in city areas the provision of land pooling is seen as a new step especially in the areas of Delhi, Maharashtra, Gujarat, Chhattisgarh, Tamil Nadu, and Punjab. 

By- Manoj Kumar, Supreme court advocate