In 2009, Avadhesh Agarwal, 35, paid Rs. 2.8 lakh as instalment towards a
flat in a project coming up near suburban Kalyan. Three years later,
the project was grounded because the developer could not get clearances.
“I got the money back, but could not invest elsewhere. By then, real
estate prices there had doubled,” Mr. Agarwal, who works for a private
firm, says.
In a city where real estate prices are among the highest in the world,
many like him are hoping the country’s first real estate regulator will
control the powerful builders’ lobby. Maharashtra will be the first
State to appoint one as the Maharashtra Housing (Regulation and
Development) Act, 2012, received Presidential assent this week.
The Act makes it mandatory for developers to disclose property title and
layout and completion plans to buyers. The project details have to be
registered with the regulatory authority and will be displayed on its
website.
Refund for delay
Developers will be responsible for fixing major defects that crop up in the building during the first five years and may have to refund buyers for delayed projects. The regulator has the powers of a civil court and can impose fines of up to Rs. 1 crore and prison terms up to three years. To read more please visit - The Hindu
Developers will be responsible for fixing major defects that crop up in the building during the first five years and may have to refund buyers for delayed projects. The regulator has the powers of a civil court and can impose fines of up to Rs. 1 crore and prison terms up to three years. To read more please visit - The Hindu
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