The outline of the real estate draft bill has been modified in a way to make it a central legislation, where it was a state body earlier. It is learnt that thttp://www.blogger.com/img/blank.gifhe emphasis will now be on the consumer protection and contractual obligations of the developers, in a way giving more benefits and hope to the end consumers. The Ministry of Law has been approached for approval of the said legislation. The law ministry is expected to give its opinion in the matter by the end of this month. The concept of a real estate bill has been prevailing since around 10 years and a draft bill is being formed since past two years.
According to a senior official in the housing ministry, there exist some provisions for grievance redressal in the Consumer Act and other penal provisions but these are available once the developer commits to the buyer. Therefore in the existing scenario there exists less power and control in the buyer but with the introduction of this draft bill it will eventually sough to be increased. For a fact according to some provisions of the draft bill, the developer will need to make public disclosures related to land title, project completion date and other related scheme details on the website of the proposed regulatory authority, the official said.
According to a senior official in the housing ministry, there exist some provisions for grievance redressal in the Consumer Act and other penal provisions but these are available once the developer commits to the buyer. Therefore in the existing scenario there exists less power and control in the buyer but with the introduction of this draft bill it will eventually sough to be increased. For a fact according to some provisions of the draft bill, the developer will need to make public disclosures related to land title, project completion date and other related scheme details on the website of the proposed regulatory authority, the official said.
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