PPT on Indian Law Protecting Home Buyers

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INDIAN LAW PROTECTING HOME BUYERS
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DELAYED PROJECTS
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DELAYED PROJECTS

• IF BUILDER MAKES A DELAY IN DELIVERING POSESSION
  OF THE FLAT ON THE PROMISED DATE, THE AGGREIVED
  BUYER CAN MOVE THE COURT/CONSUMER FORUM FOR
  REMEDIES AND COMPENSATION.
• THE BUILDER WILL HAVE TO EITHER REFUND THE
  COLLECTED AMOUNT OR COMPENSATE THE BUYER WITH
  INTEREST UNTIL ACTUAL DELIVERY IS GIVEN.

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RESTRICTION ON AMOUNT COLLECTED
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RESTRICTION ON AMOUNT COLLECTED

• REGULATORY APPROVALS A PRE-REQUISITE FOR
  ADVERTISING HOMES AND PROJECTS BY BUILDERS.
• SLAB OF 10 OF HOME VALUE PUT ON THE AMOUNT
  COLLECTED BY BUILDERS AT THE TIME OF BOOKING.
• REGISTERED SALE AGREEMENT REQUIRED IF AMOUNT OVER
  10 COLLECTED.

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STRINGENT REGULATORY SUPERVISION
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STRINGENT REGULATORY SUPERVISION

• REGISTRATION OF BUILDERS WITH THE STATE
  REGULATORY AUTHORITY NOW MANDATORY.
• REGULAR UPDATES ON STATUS AND PROGRESS NEED TO BE
  SUBMITTED FROM TIME TO TIME.
• THE AUTHORITY HAS TO BE KEPT IN THE LOOP
  THROUGHOUT.

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DISCLOSURE REQUIREMENTS
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DISCLOSURE REQUIREMENTS

• DISCLOSE EXACT FIGURES TO AUTHORITIES, REGARDING
  HOW MUCH AMOUNT HAS BEEN COLLECTED FROM BUYERS.
• AN ESCROW ACCOUNT NEEDS TO BE OPENED, WITH 70 OF
  THE COLLECTED AMOUNT DEPOSITED IN IT AND IT
  SHOULD SOLELY BE USED FOR CONSTRUCTION PURPOSES.
• DISCLOSE THE AMOUNT SO DEPOSITED.

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Union and state legislations
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Union and state legislations

• THE CENTRAL LEGISLATION REAL ESTATE (REGULATION
  AND DEVELOPMENT) ACT ENACTED IN 2016 IS THE NEW
  GOVERNING LAW DEALING WITH REAL ESTATE,
  CONSTRUCTION, ETC.
• INDIVIDUAL STATES ARE ALSO REQUIRED TO RATIFY THE
  RULES, AND SET UP REGULATORY AUTHORITIES.

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