By Accommodation Times News Service
The government agencies such as the Delhi Development Authority (DDA) which are the solely construction of residential units will have to be answerable to the real estate regulatory bill if the projects is not up to the mark. In fact all the government agencies including DDA have to follow the norms. The provisions of the real estate regulation bill approved by the Union Cabinet will apply to government agencies said housing minister Ajay Maken. The legislation likely to be placed before Parliament in the coming monsoon session aims to promote fair-play in real estate transactions and introduce penal provisions for developers who do not stick to the norms.
The ambit of the proposed law is quite large and seeks to cover all major private residential developments across the country as the bill applies to all projects developed over 1,000 sq meters or the number of apartments purposed to be developed exceed 12. The bill, when enacted into a law, will ensure that home users get timely possession of properties. Besides, as per specifications promised the developer will have to disclose time schedule for the delivery along with layout plan and details of all statutory clearances obtained from the regulator ahead of launching of the project.
Maken, eyeing middle-class voters in urban areas for Congress, said, “The aim of the bill is to restore confidence of the public in the real estate sector which will enable the sector to access capital and financial markets essential for its long term growth.” He was hopeful that states will implement the bill as 22 states have supported it. Only Chhattisgarh opposed the bill.