Real Estate Regulatory Bill – The Home Buyers Protection

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Real Estate Regulatory Bill The Home Buyers
Protection
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Phone - 080 40155666, 8494 9301 72 Email -
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The Home Buyers Protection

• Real estate regulatory bill has been pending for
  few years even as there is a need of reforms in
  the realty sector. The real estate sector has
  been a large contributor of GDP of the nation.
• There is a great problem of homelessness in many
  a sector of the nation. It is also true that a
  home buyer invests his or her life time savings
  in buying a home and there are lot of problems
  and hassles that he or she has to face in many an
  instance.
• Buying a home is the single largest risk that a
  common man undertakes and this act is full of
  risk and the commoner has to rely on the weak
  laws of justice without a strict regulator.

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Phone - 080 40155666, 8494 9301 72 Email -
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• The real estate regulator attempts to ease the
  common individual from all these hassles.
• For the last two years there have been heated
  debate and it is expected that it will be passed
  in the parliament this time in the budget
  session.
• There is a contrasting paradox in the Indian real
  estate sector. There is a huge shortage of
  housing and at the same time there is a huge
  unsold stock also at the backdrop.
• The nation is in the process of a rapid
  urbanization and estimates point out that urban
  population will become more than double to about
  a figure as high as 900 million in the next three
  decades.

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Phone - 080 40155666, 8494 9301 72 Email -
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• At this present moment the current population
  also does not have a proper and adequate housing.
  An estimate in the year 2012 points out that the
  shortage is at a figure which is nearly 19
  million units.
• If any changes has to be brought and this
  shortage has to be lessened then there has to be
  reformative measures to clear the mess of the
  Indian real estate.
• The bill seeks to set few of the standards in the
  contracts between the seller and the buyers.
  Apart from bringing penalty measures to the
  delinquent developer the bill also proposes to
  bring transparency which is a rare phenomenon in
  the real estate industry.

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Phone - 080 40155666, 8494 9301 72 Email -
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• Transparency will come about to a certain degree
  if the promoters and developers have to upload
  the project details on the website.
• There has been enough regulation in the new bill
  to protect the common buyer who would not feel
  deceived or cheated after the possession of the
  house.
• The bill has provisions that a part of the money
  duly paid by the consumer has to be secured for
  the construction purposes in a separate bank
  account.

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Phone - 080 40155666, 8494 9301 72 Email -
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• The new bill also proposes to have title
  insurance on the land because of the uncertainty
  that exists in India on the titles of land.
• The scrutiny of the bill by the two
  parliamentary committees has already been done
  and its expected that it will be passed with no
  delay.
• The real estate regulatory bill is surely an
  important step in clearing the mess of the real
  estate market and brings in a regulation and
  protection for the common consumers.
• The experts opine and the facts suggest that
  often the state governments play a derogatory
  role and create lot of problems also.

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Phone - 080 40155666, 8494 9301 72 Email -
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• The estimates suggest that currently there are
  about 40 state and central departments that the
  developer has to take approvals from. This
  essentially leads to unnecessary delay and an
  obvious escalation of costs.
• The projects of the central government for
  providing universal urban housing have compelled
  the states to initiate reforms so that they can
  access the funding from the centre.
• The experts and the market trend watchers say
  that without the proper reforms at the state
  level the ambition of the central government to
  provide housing to all the urban dwellers will
  not be possible.

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Phone - 080 40155666, 8494 9301 72 Email -
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• Along with that the measures like FDI relaxation,
  reduction of loan rates by the RBI and the
  ongoing Real estate regulatory bill were few of
  the measures.
• But one thing that comes out of the arguments
  that we advance as per the current situation is
  that the property that would be the best buy
  would not be cheaper at all.  
• Remarking about the improvement of sales the
  expert realtors remark that in the 2nd half of
  2015 the sales figures of the companies with a
  strong reputation of quality and timely delivery
  have improved considerably.

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Phone - 080 40155666, 8494 9301 72 Email -
contact_at_gruhakalyan.com
Property Buying Tips

• Pre-launch Flats Vs. Ready-to-move Apartments
• Now is the right time to buy a house or property
  in Bangalore 
• How to buy a flat being Cautious to avoid
  Problems
• Increase of Smaller Homes in Indian Realty Market
• Overview of Bangalore Real Estate Market at a
  Glance
• The accentuating prospects of Devenahalli

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