New Rules to Boost Under Construction Projects
Needless to say, the new rules in real estate regulatory bill has created a genial approach for the home buyers where they will see heavy boost in development sector. This is the hard time for all the builders to pull up their sock and complete their work on time so that they don’t fall in any trouble further.
These rules replenished with the rights of the customer where it is mandatory for the builders to register their respective projects to keep all the projects away from the loopholes. In this registration the builder has to keep some amount of funds aside which is obviously collected from the buyer’s investment value so that the builder is able to pay interest if in any case they are not able to deliver project on time.
Around 17,000 projects are under construction in the top 27 cities where 60 per cent are completed and rest are about to its finish stage, this is according to the property research firm Liases Foras.
There is no doubt in saying that this would be the major reason behind the speedy work where properties which were not completed are now going to be in its finish stage with the quick delivery which were earlier delaying due to the inactive approach of the builders which were more into launching new projects instead of giving the delivery of the existing projects.
This regulation and development bill of Real Estate has been moved by both the houses of parliament and once it is approved by the President the further work will be starting as soon as possible to form a complete comfort for all the investors and home buyers where in past, they were not completely happy with the property delivery which were not given on time and no penalty was imposed on the builders. So, all these new rules will surely bring genial comfort for all.
Bill imposed, 70 per cent of amount gleaned from the buyer will be put in a separate a/c to cover the expenses of the construction work and also very important, if the project is not given on time, then buyers must pay certain amount to the buyer. So the foremost duty of the builder will be to complete the project on time that too without disturbing the quality and authenticity of the project. This has actually located in the things in a much appealing order where both buyers and builders can stay away from the vexation situation.
It is also said that if the pace of the projects boost-up, then there is the possibility that the material like cement, steel and other related material will also take a boost. But all in all, it is the builder who has to manage every possible thing in a right frame so that there is no trouble for the buyers as well as builders in the future.
So this year one can make their investment plan strong because bounty of things is under favor of buyers where they easily sway with the fact that nothing will turn wrong if they plan for property investment which was closed in the past due to certain reasons.