New Amendments in Realty Bill 2015

GURGAON, India - Dec. 12, 2015 - PRLog -- The Bill now gives the upper hand to consumers which have quite been the need in real estate sector of India.

Following the several unattended cases of corruption in the real estate market, the Bill was foregrounded in the Union Cabinet and got a nod with total of 20 amendments made to the previous one.

The amendments have been made to safeguard the interests of consumers. The Bill ensures that 70 percent of the project money gets deposited to a separate account dedicated to the construction process. This will help in faster construction and projects will be completed on time, in most cases. The Bill also states that once the buyer has acquired the Occupancy Certificate, the possession of property has to be made within two months. Better addressable of issues, faster adjudications and pro-consumer amendments has a vital role to reaffirm faith in property buyers.

This Bill is expected to spearhead the house-hunting process and the consumer can now approach consumer protection centers spread all across the country and get their cases resolved. The projects that are currently under way have to comply with the Bill. All kinds of projects-commercial and residential come under the umbrella of the Bill. If there's any change that the builder or promoter wants to be made to the project under construction, consent from the consumer is required.

Anupam Sinha, the CEO of an online based property website, Favista felt that this Bill was needed to bridge the gap of uncertainties between the consumers and developers. The fact that property business requires huge money makes it prone to apprehensions from the end-user's side. Machinery that is there to redress the property based concerns of customers is welcome in realty. The already expanding sector that Real Estate is, India was in a dire need of controlling machinery that monitors this part of economy. The Bill will reinforce consumer's faith in realty which in turn will lead to more number of projects dotting the country.

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