What led to the passage of Real Estate Bill in Parliament? Well, it was not without effecting some some amendments which the Rajya Sabha Committee wanted. Here is what all was agreed to before the passage of Bill was ensured in the Upper House where opposition parties hold the key to passage of any Bill.
Here is a compilation of major amendments which led to its smooth passage:
1. Compulsory registration of projects on at least 500 sq mtrs land area or 8 flats, as against 1000 sq meters suggested earlier.
2. Deposition of 70% of sales proceeds to escrow account, as against 50% proposed earlier.
3. Carpet area to include toilets and kitchen. Garage not included.
4. Formation of RWA compulsory within 3 months of allotment of majority of units.
5. Buyers can approach Consumer Courts at District Level for grievance redressal, besides REAR. Earlier, only REAR was included.
6. Commercial Real Estate also brought under the ambit of Bill.
7. Provisions of bill to be applicable for current project under sales.
8. Changes in plans to be approved by 2/3rd allottees.
9. States to make rules within 6 months of notification of Act. Earlier, it was 1 year.
10. Allottees are required to take possession within 2 months of issuance of occupation certificate.
11. Provision of additional benches of Appellate Tribunals for speedy delivery of justice
12. Imprisonment up to 3 years for builders and 1 year for agents and buyers for not obeying orders of tribunal or REAR. Monetary penalties might also be levied.
13. Tribunals to adjudicate cases in 60 days, not in 90 days as proposed earlier. Regulatory bodies to pass orders on cases in 60 days as well
14. Arranging of Insurance of Land Title
15. REARs empowered to grade projects and developers. These also shall ensure digitization of records. Regulations to be made within 3 months of formation of REARs, as against 6 months.