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first_img“There will be a boom in the real estate sector because “There will be a boom in the real estate sector because of the Bill. Private people, foreign investors, will come and invest. People will buy more properties,” the minister said. Naidu said there has been numerous delays in project execution which the law seeks to address. “Real Estate Bill is a regulation and not a strangulation”. The law provides for builders mandatorly setting aside 70 per cent of money collected from buyers during the pre-sale of homes, for sole use for construction of the project. Naidu said the bill also provides for buyers and developers paying the same interest rate for any delays in payment or delivery of project respectively. He said as per the Bill, open parking is part of common area because people sell flats separately and car parking separately. Project can be developed in phases but provisions of the law will apply to each phase. The Bill was first introduced in the Rajya Sabha in 2013. “It was originally a Congress party baby. It was a baby which was left out and now we are adopting it,” Naidu said. At this, Congress leader Mallikarjun Kharge remarked that the NDA government should not met out “step motherly” attitude to the Bill. Naidu said the mandatory registration for projects has been brought down to 500 sq m area, or those comprising eight flats, from 4,000 sq mt proposed in the previous version of UPA government. It provides for a clear definition of carpet area and a system that would require the consent of two-thirds of the buyers in case there are changes in project plans. Naidu said Parliament is not interfering in the process of buying or selling of a property and instead is ensuring customer satisfaction. “If the builders have any problem, I can meet them any time. Whatever difficulties they face, we are willing to discuss,” he said. PTI JD AKKadvertisementlast_img read more