-The Times of India NEW DELHI: Developers may have to pay 11.2 per cent interest to buyers for delay in handing over apartments and homes, according to draft rules unveiled by the government, a step seen as bringing relief to homebuyers reeling under the impact of delayed projects and mounting loan liabilities. The rules also say projects without a completion certificate will have to register with the Real Estate Regulatory Authority, to...
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Coming soon: Clause in real estate bill to check bias against religion, sexual orientation, diet -Shalini Nair
-The Indian Express The anti-discrimination clause will provide recourse to buyers who are denied a house by builders owing to their caste, ethnic origin, gender, sexual orientation, dietary choices or any such factors. The Centre is set to introduce an anti-discriminatory clause in rules under the real estate Act to curb the practice of builders refusing to sell their apartments based on a buyer’s religion, marital status or dietary preferences. The Real Estate...
More »Parliamentary panel pushes for law to jail errant builders -Shalini Nair
-The Indian Express Seeks stringent provisions in new law, says financial penalty is no deterrent since burden passed on to buyers. The Parliamentary Select Committee for the Real Estate (Regulation and Development) Bill 2013 is likely to push for more stringent clauses that may lead to imprisonment of builders if they do not fulfill their obligations to home-buyers. After holding public consultations across the country, several members of the panel are of...
More »Origins and reining in of sand mafias-Manoj Misra
-Down to Earth blog Simply put, the sand mafias originated because the sand business is low investment, low risk and high returns, notwithstanding few roadblocks like Ms Durga Shakti Nagpal or the media taking up her cause as a cause celebre! For they know well that with raw material (sand) in easy reach and end user (realty sector) little bothered wherefrom or legality of the ware, business as usual, no matter, shall...
More »Union Cabinet approves regulator for real estate, lays down norms to help home buyers
-The Times of India NEW DELHI: The Union Cabinet on Tuesday cleared a legislation to set up a long-pending real estate regulator aiming to protect home buyers from unscrupulous developers and builders. A real estate regulator - to be set up in every state - will ensure that private developers get all their projects registered with it before sale and only after obtaining all necessary clearances. "It will be mandatory for developers under...
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