Recently, the Modi Government amended the Real Estate (Regulation and Development) Bill 2013. Previously, the bill was only meant to safeguard the interests of residential home buyers. However, the approved changes in the bill incline it in the favor of the buyers and investors as well as the developers and cater to industrial and commercial properties as well.
The bill brought forward the issue of contract enforceability and made it clear to the developers that if they do not honor the contracts they have entered into, they must refund the amount to the buyers along with interests and other charges. Each state will have its own real estate regulator and all the commercial and residential properties will be registered with the regulator. Unregistered properties will not be considered genuine. Nor can the developers advertise or launch projects without registration. However, real estate projects that have already been launched will be covered. [Read more…]