Keeping Realtors in Check
The state government has started the process to ratify Real Estate Act which will have provisions to set up a regulatory authority and penalise promoters delaying housing projects.
The Tamil Nadu government is likely to constitute a sub-committee to formulate rules for notifying the ambitious act eight days after the centre unveiled draft rules for the Real Estate (Regulation and Development) Act 2016.
The legislation aims at protecting the interests of buyers, stringent action against promoters delaying housing projects, single window clearance and establishing Real Estate Regulatory Authority to redress the grievances of consumers.
A draft released by the centre says that developers must pay 11.2 percent interest to buyers for delay in handing over apartments and homes. Any violation like increase in the size of apartments, change in layout and construction of additional towers in a project without taking consent from 70% of the allottees can lead to cancellation of registration. Though the Centre's draft rules covers only five Union Territories without legislatures, states are at liberty to modify it or draw their own rules.
With strict rules and regulations, many builders are pressured to handover their projects on time. At Malles, we always believe in giving our customers the best at the right time and we hope to always give them the best!