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Thanks Govt for approving real estate regulator !!

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Thanks Govt for approving real estate regulator !!

Last updated: April 11 2015
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  • Thanks Govt for approving real estate regulator !!

    1-Unity of honest but frustrated buyers
    2-Rosy promises by builders
    3-cheating & cheap marketing by property agents
    4-"Sabka saath sabka vikas" approach by government.......and the result is
    APPROVAL OF REAL ESTATE REGULATOR !! which is the need of the hour to introduce transparency in real estate, protection to buyers & goodwill potential for honest builders too !!

    First of all, every praise to Govt for considering the problems of buyers who pay for a home but get never ending tension by nexus of builders, authority officials and dead slow judiciary system.

    Yesterday Govt approved most needed real estate regulatory bill and the key points are....
    1-Each project will be registered online and it is builder's accountability to get all clearances & approvals by competent authorities, without claring this step he may not start selling on units of that project.The regulator will then allot a login-ID for the project until which a builder cannot start selling. The regulator will subsequently scrutinise all documents pertaining to the project and can cancel the registration if he thinks they are not in order

    2-Builder has to deposit 50% of collected amount by buyers in a separate ESCROW account (for a particular project) means his game is over to forget that project and buyers money in so many other project without any firm possession commitment.

    3-For wrong information a penalty of 5% of project cost will be imposed and authorities also have the power to cancel project registration in case of persistent violations and decide on further course of action regarding completion of such projects.

    4-All the states have to set up the regulatory bodies within a year of the Bill's enactment.

    5-Carpet area will be the criteria for selling instead of super area / open area etc.

    6-Property agents / builder fed channel partners also covered under regulator and they can not escape if cheat the buyers.

    7-Timely completion is must otherwise builder has to pay huge penalty.

    8-All undergoing projects are also under the real estate regulator !! (A great Relief)

    For further details pls click Amendments to

    Today it's celebration day to see the fruitful outcome of solidarity of buyers & untiring awareness efforts to write threads / posts by many forums mates !!

    Once again a BIG thanks to Govt to move towards transparency in real estate which will help honest buyers and honest builders as well !!
    Last edited April 9 2015, 08:50 AM.
  • #2

    #2

    Re : Thanks Govt for approving real estate regulator !!

    its a positive step.....but the clause of keeping only 50% seperate for a project will hv negative effect.

    builder will compromise on quality ......

    it should have been at least 80%

    not only timely delivery is imp. but quality is equally important..in fact more imp.

    the bill should also cover the govt. certifying authorities who are giving CC to projects without even visiting the sites.
    what about their accountability.
    noida authority has given CC to projects which have failed many norms like safety, super area miscalculations, etc

    This is a huge drawback...and should be amended

    50% money still can be siphoned off....and will be...

    quality will be compromised.by builder....

    Comment

    • #3

      #3

      Re : Thanks Govt for approving real estate regulator !!

      Originally posted by derek111 View Post
      1-Unity of honest but frustrated buyers
      2-Rosy promises by builders
      3-cheating & cheap marketing by property agents
      4-"Sabka saath sabka vikas" approach by government.......and the result is
      APPROVAL OF REAL ESTATE REGULATOR !! which is the need of the hour to introduce transparency in real estate, protection to buyers & goodwill potential for honest builders too !!

      First of all, every praise to Govt for considering the problems of buyers who pay for a home but get never ending tension by nexus of builders, authority officials and dead slow judiciary system.

      Yesterday Govt approved most needed real estate regulatory bill and the key points are....
      1-Each project will be registered online and it is builder's accountability to get all clearances & approvals by competent authorities, without claring this step he may not start selling on units of that project.The regulator will then allot a login-ID for the project until which a builder cannot start selling. The regulator will subsequently scrutinise all documents pertaining to the project and can cancel the registration if he thinks they are not in order

      2-Builder has to deposit 50% of collected amount by buyers in a separate ESCROW account (for a particular project) means his game is over to forget that project and buyers money in so many other project without any firm possession commitment.

      3-For wrong information a penalty of 5% of project cost will be imposed and authorities also have the power to cancel project registration in case of persistent violations and decide on further course of action regarding completion of such projects.

      4-All the states have to set up the regulatory bodies within a year of the Bill's enactment.

      5-Carpet area will be the criteria for selling instead of super area / open area etc.

      6-Property agents / builder fed channel partners also covered under regulator and they can not escape if cheat the buyers.

      7-Timely completion is must otherwise builder has to pay huge penalty.

      8-All undergoing projects are also under the real estate regulator !! (A great Relief)

      For further details pls click Amendments to

      Today it's celebration day to see the fruitful outcome of solidarity of buyers & untiring awareness efforts to write threads / posts by many forums mates !!

      Once again a BIG thanks to Govt to move towards transparency in real estate which will help honest buyers and honest builders as well !!
      It is a quite nice step towards the growth of Real Estate.

      Comment

      • #4

        #4

        Re : Thanks Govt for approving real estate regulator !!

        Originally posted by derek111 View Post
        1-Unity of honest but frustrated buyers
        2-Rosy promises by builders
        3-cheating & cheap marketing by property agents
        4-"Sabka saath sabka vikas" approach by government.......and the result is
        APPROVAL OF REAL ESTATE REGULATOR !! which is the need of the hour to introduce transparency in real estate, protection to buyers & goodwill potential for honest builders too !!

        First of all, every praise to Govt for considering the problems of buyers who pay for a home but get never ending tension by nexus of builders, authority officials and dead slow judiciary system.

        Yesterday Govt approved most needed real estate regulatory bill and the key points are....
        1-Each project will be registered online and it is builder's accountability to get all clearances & approvals by competent authorities, without claring this step he may not start selling on units of that project.The regulator will then allot a login-ID for the project until which a builder cannot start selling. The regulator will subsequently scrutinise all documents pertaining to the project and can cancel the registration if he thinks they are not in order

        2-Builder has to deposit 50% of collected amount by buyers in a separate ESCROW account (for a particular project) means his game is over to forget that project and buyers money in so many other project without any firm possession commitment.

        3-For wrong information a penalty of 5% of project cost will be imposed and authorities also have the power to cancel project registration in case of persistent violations and decide on further course of action regarding completion of such projects.

        4-All the states have to set up the regulatory bodies within a year of the Bill's enactment.

        5-Carpet area will be the criteria for selling instead of super area / open area etc.

        Will this be for under construction flats as well? What if the buyer has already paid 80% of the total cost? Or is this for only new launches from now on? Some clarity please.

        6-Property agents / builder fed channel partners also covered under regulator and they can not escape if cheat the buyers.

        7-Timely completion is must otherwise builder has to pay huge penalty.

        8-All undergoing projects are also under the real estate regulator !! (A great Relief)

        Same clarity needed as in point number 5.

        For further details pls click Amendments to

        Today it's celebration day to see the fruitful outcome of solidarity of buyers & untiring awareness efforts to write threads / posts by many forums mates !!

        Once again a BIG thanks to Govt to move towards transparency in real estate which will help honest buyers and honest builders as well !!
        Some queries.

        Nobody panics when things go “according to plan.” Even if the plan is horrifying!

        Comment

        • #5

          #5

          Re : Thanks Govt for approving real estate regulator !!

          Originally posted by derek111 View Post
          1-Unity of honest but frustrated buyers
          2-Rosy promises by builders
          3-cheating & cheap marketing by property agents
          4-"Sabka saath sabka vikas" approach by government.......and the result is
          APPROVAL OF REAL ESTATE REGULATOR !! which is the need of the hour to introduce transparency in real estate, protection to buyers & goodwill potential for honest builders too !!

          First of all, every praise to Govt for considering the problems of buyers who pay for a home but get never ending tension by nexus of builders, authority officials and dead slow judiciary system.

          Yesterday Govt approved most needed real estate regulatory bill and the key points are....
          1-Each project will be registered online and it is builder's accountability to get all clearances & approvals by competent authorities, without claring this step he may not start selling on units of that project.The regulator will then allot a login-ID for the project until which a builder cannot start selling. The regulator will subsequently scrutinise all documents pertaining to the project and can cancel the registration if he thinks they are not in order

          2-Builder has to deposit 50% of collected amount by buyers in a separate ESCROW account (for a particular project) means his game is over to forget that project and buyers money in so many other project without any firm possession commitment.

          3-For wrong information a penalty of 5% of project cost will be imposed and authorities also have the power to cancel project registration in case of persistent violations and decide on further course of action regarding completion of such projects.

          4-All the states have to set up the regulatory bodies within a year of the Bill's enactment.

          5-Carpet area will be the criteria for selling instead of super area / open area etc.

          6-Property agents / builder fed channel partners also covered under regulator and they can not escape if cheat the buyers.

          7-Timely completion is must otherwise builder has to pay huge penalty.

          8-All undergoing projects are also under the real estate regulator !! (A great Relief)

          For further details pls click Amendments to

          Today it's celebration day to see the fruitful outcome of solidarity of buyers & untiring awareness efforts to write threads / posts by many forums mates !!

          Once again a BIG thanks to Govt to move towards transparency in real estate which will help honest buyers and honest builders as well !!



          My view.

          1. This bill was drafted and standing committee gave consent in July, then in Oct .. then in Dec.. so hope this is not the same illusion by Modi government... check when this bill is set for being as tabled in parliament... I mean the date...I hope it is not like before.. when the bill is formed but no date set in parliament for getting this tabled.

          2. The existing project will only be part until and fall into the clauses of the bill till Occupancy or completion certificate is not issued... it obvious when the bill is passed and before it signed by president... the builder lobby will pay huge amount to beaurocrats and state government to issue them OC/CC so that they fall outside the preview of the law

          God Bless India
          ............

          Comment

          • #6

            #6

            Re : Thanks Govt for approving real estate regulator !!

            I have a little different point of view on RERA... the teeth have been taken away in the amendment, punitive powers from the authority have been withdrawn, also bringing down the cap to 50% is a favor to builders...

            Comment

            • #7

              #7

              Re : Thanks Govt for approving real estate regulator !!

              Nowadays most of the builders are not taking comnpletion certificates even if due to this builder like amrapali supertech unitech start paying there dues and get the completion certificate it will be a huge relief..
              Reducing ESCROW account to 50% is definitely a negative as it should be atleast 70% for preventing builder to be safe on quality, but nonetheless something is better than nothing

              Comment

              • #8

                #8

                Re : Thanks Govt for approving real estate regulator !!

                @zohaib.....Nothing can be escaped from zohaib's eyes

                Yes it seems upto some extent & on this point govt has taken care for both (buyers & builders as well) because no business can assure guaranteed returns and in case of downfall in a project the builder may survive by using up to 50% money of extra project for short duration !!
                But he can not play this game for long due to heavy penalty if fail for timing possession !!

                Comment

                • #9

                  #9

                  Re : Thanks Govt for approving real estate regulator !!

                  For end user....Quality is PRIME

                  Govt. should work towards ensuring that Buyer gets quality what has been promised by builder.

                  Simply.....
                  If I hire a thekedaar to make a Room for me in 1 month of A quality and pays him accordingly
                  I can never be satisfied if he gives me my Room in 25 days but C grade Quality

                  Thats why many buyers of Amrapali type builders inspite of getting possession are NOT HAPPY

                  and many buyers of ATS class builders are willing to wait extra months.....as long as quality is maintained



                  YES....ITS A INTIAL START....AND ITS A GOOD MOVE BY GOVT.....


                  BUT NOT ENOUGH


                  There are Norms in place for Quality checks...and certifications....but Govt.agencies issue clearnaces and certifications without even visiting the site !!!!!!!

                  This is Not in place...

                  Comment

                  • #10

                    #10

                    Re : Thanks Govt for approving real estate regulator !!

                    tanishajains
                    Fully agreed, let's hope for transparency & better days in real estate.

                    prop07
                    Request to point out horrifying content for the benefit of forum mates.

                    Johny123
                    Your both the points are valid & success depends on transparency and honesty from authorities, if authorities join hands with builders then it will lead to collapse. I still feel awareness among buyers is getting increased very fast every next morning so this time it will not be that much easy for authorities the way they did in past when buyers were not updated !!

                    mohitmishra
                    If 50% amount is used for that project and penalty for delayed possession is strongly implemented then be assured, builder may not escape anywhere & only thing needed is continuous monitoring by buyers & force on builder to give "construction updates" at certain time slice!!

                    vsangal
                    you are right, initially it was proposed to deposit 70% deposited amount but considering the present scenarion when builders have opened so many projects simultaneously, probably this flexbility will help them to deliver projects one by one in much faster way.
                    Last edited April 10 2015, 09:17 AM.

                    Comment

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