With the aim to protect the consumers’ interests, ensure competence in property-related transactions, improve answerability on developers’ part, further the transparency and lure the interested property buyers towards the realty sector, the Union Government presented Real Estate Bill 2016, in Lok Sabha on March 15, 2016.
The Real Estate Bill 2016 has offered numerous advantages to the people, who are interested in putting their resources into some real estate project or buy the property. These benefits vary from timely completion of real estate projects to builder’s imprisonment of at least three years, apart from other penalties in monetary terms, for any kind of violation of rules. The Union Government’s proposed Real Estate Bill 2016, has also suggested on establishing a Real Estate Regulatory Authorities (RERAs) to ensure timely execution of projects.
Many industry experts are glad about the amendments proposed in this Bill, including Pawan Kumar Dhoot of Dhoot Group, who said, “The Government should have done it a long time back but better late than never. The timely execution of projects is like a motivation for brands in Realty, to showcase their USP and Dhoot Group is all set to prove its mettle.”
He further added, “We like the concept of RERA and its operation areas, which include regulating the transactions related to residential and commercial projects along with ensuring their timely completion and their handover to the lawful owner. We will definitely support the Government’s initiative by registering with RERA.”
This Bill has also proposed a set timeframe to arbitrate a case in Appellate Tribunals, within 60 days instead of 90 days along with Regulatory Authorities doing away with the complaints in 60 days’ time frame.
Dhoot Developer supports the imprisonment criteria proposed in Real Estate Bill 2016, for builders, realty agents and buyers, where the promoter will face 3 years’ imprisonment and real estate agents may remain behind the bars for a whole year just like the property buyer, if any of these fail to follow the rules and regulations of Real Estate Bill 2016.
The Minister of Urban Development, M Venkaiah Naidu told the realty leaders, “What you are committing, what you are promising, please fulfill. What you are promising through advertisements, please fulfill that. That is the purpose of this Bill. Our ultimate intention is to ensure consumer satisfaction. Once the Bill is notified, you will get more investments in the real estate sector, early clearances and property prices will come down.”