NEW DELHI: The government is putting in efforts to make the consumer the king, once the real estate bill becomes law. It’s only home-buyers who will decide whether a builder can transfer majority rights and liability to a third party or change the layout or design of a project. Resident associations will be formed within three months of the majority of flats being booked to facilitate handing over of projects in time.
Housing minister M Venkaiah Naidu told Rajya Sabha on Thursday his ministry will consider bringing already sold flats under this law. Such a provision will bring relief to lakhs of home-buyers as most real estate projects delayed were launched years back.
The bill includes provisions which make it incumbent on builders to submit their details and of the project along with the photos of promoters while applying for registration. They will also need to submit details of the projects launched by the promoters in the past five years with their actual status. “This will work like reviews that people go through before booking at a hotel room,” parliamentary select committee chief Anil Madhav Dave had said in the Upper House.
Credits ET Realty