The select committee of Rajya Sabha is expected to table its report on the real estate Bill — The Real Estate (Regulation and Development) Bill, 2013 — on the floor of the House Thursday.
One of the major consumer protection measures proposed by the 21-member committee, headed by BJP MP Anil Madhav Dave, is the mandatory condition that developers have to deposit 50 per cent or more of the home buyers’MONEY
in a bank which shall be released according to the progress of the construction work.
in a bank which shall be released according to the progress of the construction work.
Earlier, the NDA government had reduced it to 50 per cent or less and allowed the state governments to lower the amount further.
Members from the AIADMK and Samajwadi Party had reportedly protested against the panel’s recommendation on the grounds that states should be given the liberty to decide if they want to allow lower the percentage. Members from the Congress, however, have given a dissent note proposing the said percentage be increased to 70.
The panel has based its report after going through a detailed representation from consumer groups and residents’ associations that have asked for 100 per cent of the sale proceeds be kept aside only for construction work. The developers’ associations, on the other hand, had asked the sum to be reduced to as low as 30 per cent.
The Congress members have also demanded that the regulatory law be made applicable to all realty projects without making any exceptions. The panel has recommended inclusion of smaller-sized projects under the ambit of the regulatory authority but it has restricted it to plots larger than 500 sq m or with eight apartments or more.
SOURCE: THE INDIAN EXPRESS
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