« HUDA employee booked | Home | CHANDIGARH: The Haryana Town and Country Planning deapartment has proposed Haryana Real Estate Regulatory Authority to regulate properties of over 1000 square meters or projects consisting over 12 apartments for planned development and to protect interest of consumers in real estate sector. Also, an Appellate Tribunal would be established to adjudicate disputes and hear appeals on the decisions or orders of the Authority. After the legislation is enacted, no promoter shall book, sell or offer for sale, or invite persons to purchase in any manner any immovable property or part of it without registering the real estate project with the Haryana Real Estate Regulatory Authority established under this Act.However, no such registration shall be required, when the area of land proposed to be developed does not exceed 1000 square meters or the number of apartments proposed to be developed does not exceed twelve, inclusive of all phases; where the promoter has received occupation certificate or completion certificate from the competent authority prior to the commencement of this Act; for the purpose of renovation or repair or redevelopment which does not involve re-allotment and marketing of immovable property. He said that for the purpose of this Act, where immovable property is to be developed in phases then every such phase shall be considered as a standalone real estate project and the promoter would have to seek registration under the Act for each phase separately. No real estate agent shall facilitate the sale or purchase of or act on behalf of any person to facilitate the sale or purchase of any immovable property or part of it without first registering with the Haryana Real Estate Regulatory Authority. He said that where any person makes an advance or a deposit on the basis of the information contained in the advertisement for sale or prospectus and sustains any loss or damage by reason of any incorrect, false statement Included therein, he shall be compensated by the promoter in the manner as may be determined by the Authority. A promoter shall not accept a sum more than 10 percent of the cost of the apartment, plot, or building as the case may be, as an advance payment or an application fee, from a person without first entering into a written agreement for sale with such person. The proposed project shall be developed and completed by the promoter in accordance with the plans and structural designs and specifications as approved by the Competent Authorities. The promoter shall take necessary steps to execute a registered conveyance deed in favour of the allottee along with the undivided proportionate title in the common areas including the handing over of the possession of the immovable property and the other title documents pertaining thereto. If the promoter fails to complete or is unable to give possession of a apartment , plot or building in accordance with the terms of the agreement he shall be liable to demand, without prejudice to any other remedy available, to return the amount received by him in respect of that apartment, plot, building as the case may be, with interest at such rate as may be prescribed in this behalf including penalty as may be determined by the Authority. »
Realty Stocks: Select Carefully
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February 19, 2013
06:40am
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