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The Real Estate (Regulation and Development) Bill, 2015 is pending before the Parliament and the government is hopeful that after discussion, it could be passed in the ongoing session. In December 2015, the Union Cabinet chaired by the PM, Narendra Modi, had cleared the Real Estate (Regulation and Development) Bill, 2015. The Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects. It provides a uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. It will also boost domestic and foreign investment in the real estate sector and help achieve the objective of the Government of India to provide ‘Housing for All’ by enhanced private participation.
The salient features of the Bill are as under:
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Applicable both for commercial and residential real estate projects
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Establishment of ‘Real Estate Regulatory Authority’ in States / UTs to regulate real estate transactions
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Registration of real estate projects and real estate agents with the Authority
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Mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc.
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Deposit of specified amount in a separate bank account to cover the construction cost of the project for timely completion of the project
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Establishment of fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal
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Civil courts jurisdiction prohibited from taking up matters defined in Bill, however, consumer court allowed to hear real estate matters
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Promoters barred from changing plans and design without consent of consumers
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Provision of Appropriate Government to make rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations
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Upcoming Townships
The City and Industrial Development Corporation of Maharashtra (CIDCO) has planned to develop an integrated township 'Khalapur Smart City' entailing an investment of Rs 7,909 crore. The Corporation has signed an MoU with three civic bodies including Khalapur Nagar Panchayat, Kalote Mokashi Gram Panchayat and Nadode Gram Panchayat, representing 11 villages at the Make in India Week event to develop the township project.
Realty firm TDI Infracorp has raised Rs 100 crore from L&T Finance to fund its ongoing township project at Panipat, Haryana. TDI Infracorp’s Lake Grove project at Kundli in Sonepat is also a part of TDI Group’s 1,250 acre township project.
Jain Group’s residential township 'Dream World City' at Nepalganj Road in Kolkata district of West Bengal spread over 20 acre of land comprising 24 towers of G+9 floors with 5,000 flats including various modern amenities is likely to commence by May 2016.
Work-in-Progress
Kolkata-based Infinity group which is constructing a temple township at Vrindavan in Uttar Pradesh with ISKCON Bangalore, spread over 40 acres, has launched the second phase of the project. The second phase will have 760 flats besides villas. The entire project will have nearly 2,000 apartments.
Bajaj International Realty’s residential township 'Prakriti Angan' near Gauri Pada Lake, behind Birla College, Kalyan (West) in Thane district of Maharashtra is being implemented in two phases. The Phase I was completed in October 2015 and work on Phase II is likely to commence by August 2016.
Tata Housing Development Company’s residential township ‘Moti Bhavan’ in Ahmedabad district of Gujarat to be implemented in three phases has the Phase I completed. Work on Phase II is nearing completion with completion re-scheduled for April 2016 and work on Phase III is underway with completion rescheduled for October 2016.
Fortune Group’s residential township project 'Fortune Township' at Jassore Road, Barasat in Kolkata, West Bengal comprising 16 buildings of G+4 floors with total 560 flats including various modern amenities, envisaged in Feb 2010 and costing Rs 1,680 crore, is rescheduled for completion by April 2016.
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