Month: May 2016
The real estate industry in India is growing at a speed that can only be seen as rising with every year. Rajya Sabha has recently passed the much awaited Real Estate (Regulation & Development) 2016 Bill in order to protect the interest of property buyers and ease the home-buying process. According to a source, the bill has undergone for several amendments and will be effective to bring accountability and transparency in the real estate sector. This will give advantage to customers to buy property and will also benefit to the whole real estate sector.
Purportedly, the bill sets a firm foothold in the real estates sector and lays a strong foundation in the coming years. The bill will be executed in various factors, incorporating redevelopment and development to smoothen the process in the sector.
The bill will impact on the sector, positively at two levels, i.e.,
1. Micro-level (Homebuyers)
2. Macro-level (Real Estate Sector)
Till now, home buyers were making a raw deal in the real estate sector. But from now, developers will have to make use of deposits (70% deposits collected from home buyer) in the development in only the particular project that are under construction. The project should be completed and delivered on time to home buyers without any delays. It will be developers’ responsibility to strictly adhere and provide the level of quality as stated in the norms during registration.
A few developers offer a warranty for structural damages for 1-3 years, which now has been extended to five years from the date of handing over possession to buyers.
The real estate market is highly non-transparent and most shareholders wish to operate in their own silos. The absence of a regulator is to an extent responsible for this plight. If there is a regulator in the sector then, it will become more cost-efficient and most significantly will ensure that the malpractices are not entertained.
The provisions that are listed in the bill will make the process of home-buying easy and will also have rebounds on the entire real estate sector.
We, at Sun Builders Group, since our inception to date, have gained trust of many buyers by complying with these and many such real estates rules and regulations that have been passed in the past. With the recently passed bill, we will make sure all the amendments are taken care of, as a promise to our existing customers and potential buyers. The foundation of the Group were laid with the bricks of trust, commitment and ethics – and with this bill into adaptation, we are only developing and growing forward.