Real Estate Regulatory Bill Benefits Home Buyers
Here Home Buyers need to understand the regulator will take around a year before it becomes a law.
What’s in-store for Home Buyers?
- Each residential or commercial project has to be registered under this act
- Home buyers get access to all the approvals and crucial documents
- All ongoing projects without completion are also to be covered
- Now builders need consent from 2/3rd of existing customers to change project layout
- Builders need to deposit 50% of the amount to escrow account within 15 days
- Timely project completion or penalty for the builders who delay possession
- Builders can launch the residential project only after obtaining all the clearances.
- The carpet area and not the saleable area will be the unit for selling and enticing
- Turnaround time for decisions on complaints will be within 60 days
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