Real Estate Act Implementation - Inputs Sought
In early 2015, your inputs below on Improving state of Real Estate were submitted to the Government and many of the inputs were incorporated in the Real Estate act approved in 2016. State level regulatory authorities and Real Estate Appelate Tribunals are to be set up by end April 2017 and the entire act comes in effect next day.
With this post we want to seek your inputs on how should the act be implemented at the state level so it is enforced effectively. Below are more details about the act.
The Act, which is a major reform measure to regulate the vast real estate sector, requires registration of all projects with state level Real Estate Regulatory Authorities to ensure protection of the interests of both buyers and builders.
The Real Estate Act provides for imprisonment of up to three years in case of promoters of projects and up to one year in case of real estate agents or monetary penalties or both in case of any violation of norms.
Real Estate Sector – Solutions from Citizens
1. A governing authority should be set up in the construction sector
2. There should be a government organization or regulatory committee to fix the land value in each area
3. The municipal authorities must help the buyers/investors, understand the requirements of documents
4. Cash transaction in real estate buying-selling should be completely banned
5. All transactions should be made mandatory through cheques only
6. Awareness should be created among consumers about the nuances of the real estate sector
7. A circle/forum to assist the buyers regarding valuation and legal formalities should be created
8. Local Government authority should display on their website all approved projects along with land details, setbacks and number of stories etc.
9. There should be a uniform sale purchase agreement for all the states across the country
10. Home loans should be made available at lower interest rates
11. Approval by government for building commercial or residential complexes must be given only when there are appropriate roads, space for parking available for the complex
12. There should be quality audit body that conducts the quality assessment of each builder and publishes it openly on websites etc.
13. Research should be focused to find an alternative, affordable & greener options of raw materials
14. There should be strict laws to regulate the acquiring of land for construction
15. Agricultural land should not be let out for constructions
16. Cement & steel manufacturers cartelisation should be broken through some legal amendments
17. Heavy penalty should be levied if builders fail their delivery commitments
18. Poor quality construction or false promises should be heavily penalised
19. The criminals involved in cheating the people in Real Estate cases should be severely punished and all their wealth should be confiscated
20. Courts should be given timelines to decide on the cases related to properties
With this post we want to seek your inputs on how should the act be implemented at the state level so it is enforced effectively. Below are more details about the act.
The Act, which is a major reform measure to regulate the vast real estate sector, requires registration of all projects with state level Real Estate Regulatory Authorities to ensure protection of the interests of both buyers and builders.
The Real Estate Act provides for imprisonment of up to three years in case of promoters of projects and up to one year in case of real estate agents or monetary penalties or both in case of any violation of norms.
Real Estate Sector – Solutions from Citizens
1. A governing authority should be set up in the construction sector
2. There should be a government organization or regulatory committee to fix the land value in each area
3. The municipal authorities must help the buyers/investors, understand the requirements of documents
4. Cash transaction in real estate buying-selling should be completely banned
5. All transactions should be made mandatory through cheques only
6. Awareness should be created among consumers about the nuances of the real estate sector
7. A circle/forum to assist the buyers regarding valuation and legal formalities should be created
8. Local Government authority should display on their website all approved projects along with land details, setbacks and number of stories etc.
9. There should be a uniform sale purchase agreement for all the states across the country
10. Home loans should be made available at lower interest rates
11. Approval by government for building commercial or residential complexes must be given only when there are appropriate roads, space for parking available for the complex
12. There should be quality audit body that conducts the quality assessment of each builder and publishes it openly on websites etc.
13. Research should be focused to find an alternative, affordable & greener options of raw materials
14. There should be strict laws to regulate the acquiring of land for construction
15. Agricultural land should not be let out for constructions
16. Cement & steel manufacturers cartelisation should be broken through some legal amendments
17. Heavy penalty should be levied if builders fail their delivery commitments
18. Poor quality construction or false promises should be heavily penalised
19. The criminals involved in cheating the people in Real Estate cases should be severely punished and all their wealth should be confiscated
20. Courts should be given timelines to decide on the cases related to properties
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Every Registration of property shall comprise full Open Market Value of purchase with Bank through payment details, while the Stamp Duty shall Stand at Government Declared Market Rate .
Jan 05
Govt .should honestly act and implement the real estate act in the interest of public consumres and NOT FAVORING BUILDERS. Builders are still exploiting consumres. Asking their hard earned white money to convert in to cash and pay them as black money. consumres are treated as hostages against their partially paid amount of property to be purcased under the threat that sale agreement will be cancelled if the amount is not paid . exorbitant interest will be charged. It is unfortunate that most of the builders either are politicians.MP /MLA/Corporators or protected by these people. System is also corrupted and unduly favoring the builders. Alone our worthy PM can not erradicate the corruption in the system unless entire people of the country works honestly . There is no fear of law because the how it can be delayed or purchased easily On Oct 19, 2016 5:29 PM, "LocalCircles Manager" < support@localcirclesmail.com> wrote: >
Jan 05
There should be a standard format for the purchase agreements. Agreements should not be made individually by different builders. Some aspects like penalties for non delivery or lack of progress should be same as when a buyer does not pay his instalment in time. Al builders make fool of people in these aspects. Fittings as specified must be used. No question or either THIS or THAT (equivalent fitting). All builders must make full provision for installation of Split A/c units in all rooms with concealed wiring, pipelines, etc. for a/c units. Building construction must commence only after receipt of all required clearances. Most builders do not adhere to this.
Oct 22
Every issue will go prompt only when the Title Record of Registration Dept. compared with Rights Record of Land in Revenue Department Please .
Oct 21
EVERY MEMBER OF THE PUBLIC WOULD BE INTERESTED IN TRANSPARENT DEALINGS AND FAIR RULES AND REGULATIONS GOVERNING DEVELOPMENT OF LAND AND ALSO BUILDING FLAT COMPLEXES. IF EVERYTHING IS TRANSPARENT AND ABOVE BOARD - HOW DO YOU EXPECT THE " POLITICIAN " TO SURVIVE ..??.. ONLY IF THETE IS AMBIGUITY AND VAGUE RULES, THE POLITICIAN CAN BARGE IN AND " WET HIS BEAK "..!!!... ONE OF THE MAJOR LACUNAE FOUND IN THE LIVING CONDITIONS OF AVERAGE HOUSEHOLD IN INDIA - IS THE ABSENCE OF " AFFORDABLE HOUSING ". IF AFFORDABLE HOUSING IS TO BE FOUND, LAND BUYING AND FLATS BUILDING SHOULD BE ENCOURAGED WITHOUT THE HASSLE OF " GREASING " AT EVERY STAGE OF STATUTORY APPROVALS - WHICH ARE THEN COMPILED AND PASSED ON TO THE ULTIMATE BUYER OF HOUSING. GOVT. SHOULD MAKE LAND PURCHASING AND HOUSE PURCHASING AGAINST CHEQUE PAYMENT ONLY AND ALSO AGAINST " AADHAAR " IDENTITY SO THAT WE KNOW WHO BUYS GENUINELY AND WHO BUYS FOR SPECULATION.!
Oct 21
