Real Estate (Regulation and Development) Bill, 2016

The Real Estate (Regulation and Development) Bill, 2016 passed by the Parliament of India, aims not only to protect home-buyers but also boost investments in the real estate industry. This article discusses the salient features of the Amendment Bill of 2016, including the penalties for violation.

Tue Aug 16 2022 | Real Estate, Wills, Probate and Trust | Comments (0)

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Introduction

The Real Estate (Regulation and Development) Bill, 2016 passed by the  Parliament of India, aims not only to protect home-buyers but also boost investments in the real estate industry. The main objective of the Real Estate Bill is to protect the interest of the purchasers or buyers by promoting transparency, accountability and efficiency in the execution of real estate projects by the builder


Salient features of the Real Estate Bill


Responsibilities of a Builder 


Rights & Duties of Allottees

 The property buyer has the right to obtain stage-wise time schedule of the real estate project and claim possession as per the declaration / agreement. If the builder defaults, the buyer can claim refund (with interest) and compensation). The allottees have to make all the payments on time as per the signed agreement.


Course of Action at the Time of Default by the Builder

In any case of default by the builder, the aggrieved customers can now approach any consumer court at the district level, instead of the regulatory body given in the Real Estate Bill of 2016. This Bill also establishes a fast track dispute resolution mechanism which would solve the disputes within the time period of sixty days through the Appellant Tribunal as against the ninety days time period as proposed earlier.


Penalties

The Bill provides penalties in case there is a default by the builder on the following counts
For builders, three years of punishment and for agents one year of punishment has been prescribed for the violation of the orders of the appellate tribunal.
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