No buildings or townships meant for sale, in the near future, can
be undertaken without registering them with the Real Estate Regulatory
Authority to be set up in each State. The
Union Ministry of Housing and Urban Poverty Alleviation has published the draft
Model Real Estate (Regulation of Development) Act to control and promote
construction, sale, transfer and management of colonies, residential buildings,
apartments and other similar properties through a regulatory authority.
This draft Act has been published for soliciting stakeholders’
opinion and the Ministry expects the State governments to pass their respective
Acts, based on this model Acts, after it is finalized.
The Model Act makes it mandatory for all promoters to submit the
details of the approved plans of projects along with a bank guarantee
equivalent to five per cent of the estimated cost of the development to the
regulatory authority.
In addition, the promoter will give an undertaking to complete the
work in accordance with the conditions of registration. After verifying the
authenticity of the approved plan, the title of the property and other relevant
details, the authority will register the project. The details of the projects
will be made public through the authority’s website.
This registration will be valid for three years and has to be
renewed after that.
When violations of rules, failure to provide essential services to
the developed plots are noticed or complained about, the registration will be
cancelled after due verification. The bank guarantee provided will be forfeited
and the names of the promoters will be included in the defaulters list and
published in the authority’s website.
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