December 2016 Current Affairs

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

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.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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