Real estate bill is beneficial for home buyers !*With the approval to the real estate bill, there was quite an emotional
upheaval in the real estate industry and most of the key players commented
on the update. Post the real estate regulation bill, the property players
hope to see a transparent and uniform environment. It was a debate on
whether the home buyers will have benefit from the step or the provisions
are very harsh on the developers. But what is the take of the home buyers?
Will now their property buying process be less time consuming and more
assuring? A survey conducted with the end users directly as to whether they
think that the real estate bill will be beneficial for them and the maximum
people voted in affirmation.*
*The following are the benefits that the home buyers can expect from the
real estate bill: *
*• Increased transparency and uniformity*
*• Strict guidelines on advertisement and prospectus will stop
misguiding the buyers*
*• Provisions for claiming compensation for loss caused by misleading
statements*
*• Selling based on carpet area*
*• A project cannot be launched until all the approvals from authorities
are achieved*
*• Developers will be required to put project-related information on
their websites*
*• Setting up of an appellate panel to take up disputes between buyers
and builders*
*• Speedy resolution of issues such as delays and change in
specifications*
*• Fewer possibilities of project delays being caused due to absence of
necessary approvals*
*• A buyer can claim refunds if a project is delayed*
*Buying a home is one of the most significant financial investments that
one ever makes; therefore, it is only advisable to do a proper market
research and survey prior to finalizing anything.*
*Source : Makaan Research Team*
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