Draft rules call for timely delivery of service from real estate developers

Government seeks public opinion on draft rules for Agreement for Sale by August 17

GN Bureau | August 2, 2016


#real estate   #public opinion   #draft rules   #ministry of housing   #union territories  

 The ministry of housing and poverty alleviation has come out with draft rules for agreement plans between the buyer and the seller in real estate projects for union territories without a legislature. As such, the draft rules would be applicable in five UTs – Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman and Diu, and Lakshadweep – except Delhi and Puducherry.

Giving key importance to time, the draft norms specify that the promoter would have to abide by the time schedule for completing the project and handing over the apartment/plot to the allottee. Similarly, the allottee too would have to abide by timely payments of the installment and other dues.
 
The promoter would also have to agree with timely delivery of possession of the apartment/plot to the allottee unless there is delay or failure due to war, flood, drought, fire, cyclone, earthquake or any other calamity caused by nature affecting the regular development of the real estate project.
 
The rules also define the tagline, ‘ready to move in possession’, used often by promoters to attract customers, by stating that the term should mean that the apartment is in a habitable condition which is complete in all respects.
 
In case of default by the promoter, the allottee is entitled to stop making further payments or terminate the agreement, as per the draft rules. But if the allottee is found to be at fault, then interest would have to be paid to the promoter on the unpaid amount or the allotment of the apartment/plot could be cancelled by the promoter.   
 

Comments

 

Other News

Stories to read over the weekend

At one time these pale rooms of the Delhi commission for women looked like sleepy corners of officialdom; they are now best described as a bustling sarkari office. The woman who transformed this moribund organisation hardly looks like a powerful leader. Dressed in casual blue jeans and loose deni

Tata Trusts, PFA to build state-of-the-art veterinary hospital

Tata Trusts and People For Animals (PFA) announced their collaboration to build a state-of-the-art, multi-specialty veterinary hospital and emergency clinic at Navi Mumbai to serve the needs of all domestic and farm animals at affordable rates.   The hospital will be built in Kala

The shot just got smarter

A long queue of women, infants in their arms, extends outside the immunisation room at the community health centre (CHC) in Bhangel village, Noida, a pink double-storey building beside a bustling market. Unmindful of the chit-chatting and baby babble, Mariamma Samuel, an auxiliary nurse-cum-midwi

Do you think fugitive industrialist Vijay Mallya will be extradited from Britain to India?

Do you think fugitive industrialist Vijay Mallya will be extradited from Britain to India?

Reform first, privatise later: Bibek Debroy to railways

Before privatisation and corporatisation, the Indian Railways need to undertake major reforms including commercial accounting, decentralisation and human resource among others, said Bibek Debroy, economist and member, NITI Aayog at Railways Reforms and Governance Conclave organised by Governance Now on Fri

NTPC plans for 32 GW installed capacity via renewable sources

NTPC Ltd has raised Rs 2,000 crore through green masala bonds in overseas market under its $4 billion medium term note programme, union minister Piyush Goyal informed the Lok Sabha. The proceeds of these bonds will be used for financing renewable energy projects in accordance with applicable

Video

हमेशा रहें चुनाव के लिए तैयार - मोदी ने कहा सांसदों से

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter