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5 Things To Note About The Real Estate Regulatory Bill
Published On: 04-Jul-2017

5 Things To Note About The Real Estate Regulatory Bill

The views expressed here are of Anuj Puri, Chairman and Country Head of JLL India.

New recommendations on the Real Estate Regulatory Bill were made by the ministry and sent to the Prime Minister's Office for approval, and the cabinet has now approved it. The cabinet approval is a positive step towards bringing in transparency to the sector and reducing the risks associated with buying a property. Next, it will be tabled in the Parliament for passing the bill and making it an Act.Here are the key points to note.

The reduction of minimum balance to be maintained in the escrow account of a project has been reduced from 70% to 50%. This amount from the monies collected from the buyers must be placed in an escrow account within 15 days. Read More
Since commercial projects are included under the purview of the Bill, it will provide protection to investors of commercial assets, as well. Read More
All under-construction projects have to be compulsorily registered within three months of setting up of the regulator, and developer cannot make changes to original plans or the structural design unless he gets the consent of 2/3rd of the customers. Read More
The Bill will bring about a common regulatory platform for all stakeholders in the industry. Read More
The Bill will provide a renewed boost to transparency levels in the Indian real estate sector. Read More