Rajya Sabha approves landmark Real estate Bill

11 Mar 2016 Evaluate

Bringing big cheers to the home buyers, the Rajya Sabha has approved the landmark Real Estate Bill with a promise to secure the interests of homebuyers and developers in equal measure and remove corruption and inefficiency from the sector. The bill, which seeks to regulate the property sector, bring in transparency is slated to be taken up by Lok Sabha on March 14. The Real Estate (Regulation and Development) Bill, 2016 would become law after it gets the assent of the Lok Sabha.

Once the Real estate Bill becomes law, real estate developers will require to deposit 70% of the funds received from buyers for a project into an escrow account (a financial instrument held by a third party on behalf of the other two parties in a transaction), so that funds can’t be diverted to other projects and it can be utilised for land cost and construction of the related project. It, therefore, provides greater certainty to buyers that the money they pay to the developer will be utilised for development of the project where they have bought houses. The amended Bill also provides for imprisonment up to three years if the builders violate the provisions, including delayed deliveries.

Developers will have to register projects with 500 sq mt area or 8 flats with a regulatory authority instead of 1,000 sq mt and 12 flats earlier. A minimum of 50% of sale proceeds will have to be kept in a separate bank account and used for construction of that project. Among other changes, the carpet area has now been defined as the net usable area and all financial statements have to be audited within six months of financial year closure by a practicing chartered accountant.

The Bill, which has been pending since 2013, was amended by the Cabinet in December 2015. The Bill was approved with amendments as mooted by the Rajya Sabha select committee. The new law would create the framework for regulating transactions between buyers and promoters of real estate projects. It has also a provision to establish state level regulatory authorities called Real Estate Regulatory Authorities (RERAs). Real estate contributes nine per cent to the national GDP and the Bill’s passage was seen as crucial to ensuring better regulatory oversight and orderly growth in the industry.

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