Indian Real Estate: A Bill For A Home Sweet Home Of Your Own

                                                                                         

For too long, buying a house for the citizens of India has implied gambling their life’s savings on shady real estate agent deals. However, a Bill being finalised by the government could change all that, even as it brings greater transparency and honesty in to the realty sector.

The proposed Real Estate Management (Regulation and Control) Bill 2006 – to be introduced in Parliament shortly – for the first time brings builders under a stringent legal regime, making them accountable to buyers, as well as, the government.

For one, the Bill will demand property developers to produce detailed accounts on how they utilise money collected from potential buyers. All money collected by the developers will have to be utilised entirely on the project.

Pre-launch offers made by builders and developers in the NCR, and advertised prominently in newspapers, will be strictly prohibited in Delhi once the Bill is enacted.

Then again, a builder will have to furnish all details to prospective buyers and accept advance payments only, after entering into a written sale agreement that is duly registered. Providing essential services like water, electricity and sewerage will be mandatory. A builder will also be liable to compensate a buyer for defective or sub-standard work.

As well, the Bill has penal provisions entailing imprisonment of up to five years. This should bring some cheer to buyers, who for long have suffered at the hands of builders and real agents, whose only aim was plump lucre filled pockets, with scant regard for the life savings of hard working Indians, their only fault being they dreamt of a home sweet home solely their own, instead of their current rented home!

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Source: IndiaRealEstateblog

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