New real estate law covers flats already sold |
The government of India is making an effort to make the consumer the king, once the real estate bill becomes law. It`s only home-buyers who will decide whether a builder can transfer majority rights and liability to a third party or change the layout or design of a project. Residents associations will be formed within three months of the majority of flats being booked to facilitate handing over of projects in time.Moreover, housing minister M Venkaiah Naidusaid his ministry will consider bringing already sold flats under this law while making rules. Such a provision will bring huge relief to lakhs of buyers since most of the real estate projects delayed were launched years back. The bill includes provisions which make it incumbent on builders to submit their details and of the project along with the photographs of promoters while applying for registration. They will need to submit details of the projects launched by the promoters in the past five years with their actual status. The bill mentions the regulator won`t extend the deadline for completion of project beyond one year in normal circumstances.
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