For a long time now, homebuyers have been demanding to tighten the noose on erring builders. Now, the government is all set to give an upper hand to homebuyers. Paying heed to the long pending complaints, the Parliamentary Select Committee for the Real Estate (Regulation and Development) Bill 2013 is likely to push for more stringent clauses that may lead to imprisonment of builders if they do not fulfill their obligations to homebuyers.
The bill will let you (buyers) know about the provisions related to the obligation of builders:
- Developers would have to submit each detail of their project, on the regulatory authority’s website and update it on a quarterly basis.
- Any substantial change from the original schedule, specifications or structural design in what is finally delivered to home-buyers is considered as a breach of obligation by the builder.
- Under the existing version of the bill, the regulatory authority can impose a penalty that can go up to only five per cent of the project cost in case of any contravention of norms.
This bill will help buyers to choose which builder to invest with and not fall prey to fly-by-night builders. Once the bill is introduced, rogue builders will be reined in. Largely homebuyers are affected by, delay in possession of flats, alteration of layout plans by builders without their consent and they end in paying more money. With the bill in place issues like this can be tackled easily.
Source: Indian Express