Real Estate law should be made applicable on small projects: Panel
Mar 19, 2014
Source : The Economic Times

 

DELHI: A parliamentary panel has favoured bringing small projects within the purview of the Real Estate (Regulation and Development) Bill, 2013.

The panel has said the law should be made applicable on constructions that are built on 100 square meters of area or more.

In its report on the Bill, the Standing Committee on Urban Development said small projects had been excluded from the purview of the Bill where the area of land is less than 1000 square meters or where a building does not have more than 12 flats.

The Committee said the Bill provides that the threshold can be further lowered by the central government on recommendations of states or union territories.

"The committee cannot but deplore this callous attitude of the ministry to leave such an important issue in the hands of state governments," the panel said.

It suggested the legislation should be amended to ensure the applicability of the Bill on "area of land proposed for residential construction upto 100 square meters and number of apartments to be developed (not exceeding 3 numbers) instead of 1000 square meters," the panel said.

The committee said that as per the Bill, in case a promoter fails to discharge any obligation, he will be liable to pay a fine. It said the compensation should be calculated in a judicous manner keeping in consideration the principal amount paid by the allottee and the rate of interest.

The panel also said recommended that under the Bill, it was the responsibility of the promoter to obtain a completion certificate. It suggested a suitable time limit should be specified for authorities to provide completion certificates.

The committee also recommeded clauses should be added in the Bill which empower the Real Estate Regulatory Authority to give directions to state governments to put in place a single window system for all providing all the necessary clarances to a builder or promoter.

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