Rajya Sabha passes Real Estate (Regulation and Development) Bill, 2015

Posted on:11 Mar 2016 09:37:43
Rajya Sabha passes Real Estate (Regulation and Development) Bill, 2015
11 March 2016 Current Affairs: The Rajya Sabha has passed the Real Estate (Regulation and Development) Bill, 2015, paving way for regulation in the real estate sector.The law will protect home buyers against erring developers besides bringing in investments as well as transparency in the sector.Establishes state level regulatory authorities called Real Estate Regulatory Authorities (RERAs) and tribunals called Real Estate Appellate Tribunals (REAT) to settle disputes. Enforces the contract between the developer and buyer and fast track the mechanism to settle disputes. 70% of the amount collected from buyers for a project must be maintained in a separate bank (escrow) account and must only be used for construction of that project. State government can alter this amount to less than 70%. In case of delays in completion of projects on time, developers will have to pay the same penal interest rate as the buyer does. All information for registered projects must be disclosed on website of the RERA. It will include details of promoters, land status, layout plan, schedule of execution and status of various approvals. Promoters and real estate agents must register project details with RERAs who intend to sell any plot, apartment or building. The commercial real estate also has been brought under its ambit. Projects under construction are also required to be registered with the RERAs. The term carpet area has been clearly defined in order to eliminate any scope for wrongdoing.
The Rajya Sabha has passed the Real Estate (Regulation and Development) Bill, 2015, paving way for regulation in the real estate sector.The law will protect home buyers against erring developers besides bringing in investments as well as transparency in the sector.Establishes state level regulatory authorities called Real Estate Regulatory Authorities (RERAs) and tribunals called Real Estate Appellate Tribunals (REAT) to settle disputes. Enforces the contract between the developer and buyer and fast track the mechanism to settle disputes. 70% of the amount collected from buyers for a project must be maintained in a separate bank (escrow) account and must only be used for construction of that project. State government can alter this amount to less than 70%. In case of delays in completion of projects on time, developers will have to pay the same penal interest rate as the buyer does. All information for registered projects must be disclosed on website of the RERA. It will include details of promoters, land status, layout plan, schedule of execution and status of various approvals. Promoters and real estate agents must register project details with RERAs who intend to sell any plot, apartment or building. The commercial real estate also has been brought under its ambit. Projects under construction are also required to be registered with the RERAs. The term carpet area has been clearly defined in order to eliminate any scope for wrongdoing.

Monthly Current Affairs

Fresherslive telegram Group

Current Affairs Section

Daily Current Affairs Quiz


Daily Current Affairs Videos Video Link
15th June 2019 Current Affairs Video
14th June 2019 Current Affairs Video
13th June 2019 Current Affairs Video
12th June 2019 Current Affairs Video
11th June 2019 Current Affairs Video
Watch more Current Affairs Videos





Subscribe to Current Affairs

Enter your email to get daily current affairs
SUBSCRIBE
Download Current Affairs PDF
Weekly pdf's
60 24
at 36 off

Monthly pdf's
250 89
at 161 off

Yearly pdf's
1200 499
at 701 off

YEARLY Current Affairs PDF

  • Yearly Current Affairs 2018 PDF


  • Currentt Affairs 2019 June

    17 JUNE
    NEWS
    16 JUNE
    NEWS
    15 JUNE
    NEWS
    14 JUNE
    NEWS

    Currentt Affairs 2019 May

    31 MAY
    NEWS
    30 MAY
    NEWS
    29 MAY
    NEWS
    28 MAY
    NEWS

    Currentt Affairs 2019 April

    30 APRIL
    NEWS
    29 APRIL
    NEWS
    28 APRIL
    NEWS
    27 APRIL
    NEWS




    Crack All Competitive Exams without Coaching - Buy Our PDF's @ Rs. 24/- only
    BUY NOW
    ×