Real Estate Act Needed to Regulate the Builders and Authorities
Apr 04, 2017 Real Estate News
The Real Estate Act has come into force in 2016 after being in oblivion for 8 years. The bill was passed by Rajya Sabha on March 10 and by Lok Sabha on March 15 and already have 62, of the total 92 section of the act, in force. No wonder, doubts regarding the efficacy of the acts have arisen. It is too early to hope that this law will regulate all the ills and wrong practices of the real estate market and provide relief to the buyers.
Buyers around the country have a lot to tell about the irregularities, fake promises, cheating, and poor construction quality by the developer. According to the recent reports, most of the construction projects are ‘delayed’. At the end, it is the buyer who has to pay the heavy price of the delay. If the builders are taken to the court because of the same, they excuse themselves saying they don’t have any money to pay the buyer.
The Act will not only expose the big and renowned builders but also the small and unlisted builder and their malpractices. Some discipline and executing of the promises by the builders can be expected, due to this act.
The builders are trying for the single window clearance and are hoping that their ongoing projects are exempted from this and should only be enforced for the new projects. Builders have also pointed out some issues in the cement industry which delay their project. They have asked to form the Cement Regulatory Authority to prevent the cartelisation in the cement industry.
Since, this act has come into force, not only the builders have to set their records straight but also the authorities for the development have to meet the deadlines in time to save the further delay. Certain changes can be expected from this act, but it will take its own time to come into full force.
Delays in projects have caused indispensable damage to the buyer’s financial status. The projects get delayed for a long time causing stress to the buyers. Some relief is expected from this.
Buyers around the country have a lot to tell about the irregularities, fake promises, cheating, and poor construction quality by the developer. According to the recent reports, most of the construction projects are ‘delayed’. At the end, it is the buyer who has to pay the heavy price of the delay. If the builders are taken to the court because of the same, they excuse themselves saying they don’t have any money to pay the buyer.
The Act will not only expose the big and renowned builders but also the small and unlisted builder and their malpractices. Some discipline and executing of the promises by the builders can be expected, due to this act.
The builders are trying for the single window clearance and are hoping that their ongoing projects are exempted from this and should only be enforced for the new projects. Builders have also pointed out some issues in the cement industry which delay their project. They have asked to form the Cement Regulatory Authority to prevent the cartelisation in the cement industry.
Since, this act has come into force, not only the builders have to set their records straight but also the authorities for the development have to meet the deadlines in time to save the further delay. Certain changes can be expected from this act, but it will take its own time to come into full force.
Delays in projects have caused indispensable damage to the buyer’s financial status. The projects get delayed for a long time causing stress to the buyers. Some relief is expected from this.
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