Over 76,000 companies operating in the real estate sector
GN Bureau | May 1, 2017
The Real Estate (Regulation and Development) Act, 2016 came into force on Monday, promising to provide relief to thousands of home buyers who have put their life savings in projects that are far from complete.
Till March last year, there were 76,044 companies operating in the real estate sector.
As per industry information, between 2011 and 2015, real estate projects in the range of 2,349 to 4,488 projects were launched every year. There were as many as 17,526 projects with a total investment of Rs.13.70 lakh crore in 27 cities. About ten lakh buyers invest every year with the dream of owning a house.
Here are 5 elements of the act that home buyers need to know.
1. 70% of the funds collected from buyers have to be deposited in a separate bank account in case of new projects and 70% of unused funds in case of ongoing projects;
2. Projects with plot size of minimum 500 sq.mt or 8 apartments shall be registered with Regulatory Authorities;
3.Both developers and buyers to pay the same penal interest of SBI’s Marginal Cost of Lending Rate plus 2% in case of delays;
4. Liability of developers for structural defects for five years; and
5. Imprisonment of up to three years for developers and up to one year in case of agents for violation of orders of Appellate Tribunals and Regulatory Authorities.
Abright yellow van with figures of children playing with a whirligig, a Newton’s cradle, a magnetic compass rolls into the Government Higher Primary School in Kittaganahalli, on the outskirts of Bengaluru. Students in the playground leave what they are doing and mill about it in excitement. For they
Not many children dream of starting an idyllic school of their own when they grow up. But Ramji Raghavan, founder of the Agastya International Foundation – which fosters the creative learning of science in stude
While the entire nation is agog with political grapevine, political parties are weighing on all options to lure voters by touching upon issues that impact their lives. Several parties, including the BJP and the Congress have released their manifestos while many are about to join the bandwagon. The
Urmila Matondkar joined the Congress party and within just two months into politics, the actor is already surrounded by controversies – from being accused of making anti-Hindu comments to inappropriate poll campaigning. Fielded against BJP’s Gopal Shetty in the Mumbai North constituency, Ma
Dressed in white shirt and pants, three time Bhartiya Janta Party (BJP) corporator Manoj Kotak is now contesting from Mumbai north-east constituency. Kotak, representing BJP in the BMC, is ready to rally around Ward 125 in Ghatkopar east area. It’s about 7:30 pm on a hot April e
Sunil Bhatt, a Gujarat-based professional, has completed what is possibly the first PhD thesis on prime minister Narendra Modi. The thesis, titled ‘Leadership, Governance and Development: A case study of Shri Narendra Modi’, has been accepted at the Veer Narmad South Gujarat Universit