What real estate bill holds for the buyers
- Disclosure of carpet area is must.
- Consent of 2/3rd allotees is must for any change in project plan.
- Mandatory to set up an allottees association within three months of the allotment.
- Developers liability to repair structural defects increased to 5 years.
- The allottee shall be entitled to claim the refund of amount paid along with interest if the promoter fails to comply or is unable to give possession on time.
- The allottee shall be entitled to know stage-wise time schedule of completion of the project.
The efficient implementation of the Bill will lay out the landscape to improve buyers, lenders and investor confidence, which is crucial for long-term growth capital for developers, India Ratings said.