How the Real Estate Bill Empowers Buyers: Insights from a Leading Real Estate Company in Delhi NCR

The all-important central government on 7th April 2015 tabled the highly crucial and anticipated real estate bill. A lot many changes were made to the bill, much to the delight and pleasure of home seekers and realty investors. India’s infamous realty industry is marred by delayed possession and black money transactions. But all this is set to change for the better with the real estate development and regulation bill 2013 finally coming of age. Customers all over our great nation will now be protected from the errant behavior of the realty developers. This is great news for those seeking Commercial Spaces in Delhi NCR or investing through a Real Estate Company in Delhi NCR.

Here are a few ways in which the bill is all set to change the landscape of the realty arena:

1. Every state, without exception, will be home to a real estate regulator or a realty supervisor. The supervisor will be accountable for settlement of all real estate-related disputes and their timely settlement. All commercial and residential realty projects will have to be compulsorily registered with the supervisor. Thus, the otherwise hapless buyers will have access to truthful information about all genuine projects.
2. No advertising campaigns of any kind can be undertaken by realty developers anymore without registering these projects with the state’s realty supervisor.
3. Realty developers using super area are now a thing of the past. From now on, developers can only advertise and sell properties using carpet area, which is the actual area inside the walls of a flat.
4. Names of the structural engineer, architect, and contractor associated with the project will have to be compulsorily disclosed. Clearances will have to be filed with the mighty authority, thus extending and improving transparency related to all realty projects.
5. In order to make sure that the otherwise delayed projects are delivered on time, a humungous 50% of the amount realized from the buyers will have to be deposited into a separate bank account within a span of 15 days.
6. Property purchasers can seek a refund if developers fail to deliver a project within the agreed stipulated timeline.
7. Brokers who act as intermediaries in selling developers’ projects will also come under the purview and radar of the real estate bill and will be penalized in case of non-compliance.
8. To rectify and alter specifications, structural designs, and plans of a building, the developer will require written approval from at least two-thirds of the cumulative buyers.
9. No realty builder whatsoever can demand part payment in cash. This will curb money laundering and increase the government’s tax revenue, leading to the overall development of the nation.
10. If even a single rule is violated, heavy financial penalties will be levied on developers, along with the deregistration of the given project. Non-compliance with rules will be severely dealt with a gigantic 10% penalty, while spreading misinformation will attract a whopping penalty of 5% of the cumulative project cost.

With these provisions, Property Dealers in Gurgaon and Real Estate Consultants will find a regulated and more trustworthy environment, strengthening the grip on realty developers and empowering buyers. So, all end-users and investors out there can rejoice. Now is the perfect time and opportunity to explore the phenomenon called real estate.