Regulations
Rajya Sabha passes the Real Estate Bill, which will bring in much needed transparency in the sector
The government accepted as many as 20 amendments to the measure as proposed by a Rajya Sabha Select Committee
 
The Real Estate Bill, proposing a Real Estate Regulatory Authority, was approved by India's upper house of parliament after the government accepted as many as 20 amendments to the measure as proposed by a Rajya Sabha Select Committee.
 
The Bill, pending before parliament since 2013, aims to protect the interests of property buyers from unscrupulous promoters and regulate the real estate sector.
 
The legislative measure will now go to the Lok Sabha for its approval.
 
Anuj Puri, chairman & country head, JLL India said, "The real estate industry welcomes the major reform that promises to bring in much-needed transparency and accountability to the rather opaque sector. It will create a much-needed consumer right protection umbrella for buyers of real estate, thereby increasing consumer confidence as well as creating lasting developer brands strong on quality and timely delivery of their projects.
 
As there will be strict punishment for errant developers as well as fines for project delays and faster redressal to consumer complaints, the problem of unscrupulous elements in the industry will be addressed. Norms on size of projects had been relaxed from 1,000 sqm to 500 sqm, and further reduction in size can be bought under the purview of the regulator by state governments.
 
A single-window clearance is needed now, without which there may be cases where bona-fide delays by developers may still result in an unfavourable penalty. The time taken to get many environmental, state-level and municipal-level clearances have afflicted developers for long. Without ensuring that the approval process is not delayed by civic agencies’ inaction or setting up a single-window system, the regulator may inadvertently add another layer to the longer processes already delaying projects”.
 
The Real Estate (Regulation and Development) Bill, 2015 ( RERA Bill) one of the  most important pro-consumer legislation of the Government was passed in the Rajya Sabha, said Rajeev Chandrasekhar, who was the Member the Select Panel that examined and made suggestions to the RERA Bill and provided crucial inputs to the Bill. Speaking in Parliament he said,  “by creating a much needed regulator for the sector at the state and central levels, this Government has initiated the crucial first step to protect consumers from the prevalent opaque and fraudulent practices that have so far characterised this sector in India.”
 
Mr Chandrashekar further said the RERA Bill formally enshrines consumer rights and builder obligations in law and also boosts the industry by creating a framework of competition, efficiency and investments for the sector. Pointing out that the Bill is also good for investors because it brings order and rules to the chaotic real estate sector which has many fly-by-night operators, Rajeev Chandrasekhar  said  the Bill will ensures builders to focus on quality, customer loyalty as attributes around which their business is built, not just fixing local authorities and getting plan approvals. It also puts the onus on builders to only start marketing projects after all approvals are received, reducing the volatility and risk to consumers.
 
“The passing of Real Estate Bill, 2016 in Rajya Sabha is a landmark step towards enhancing the credibility of construction industry by bringing in transparency and accountability in execution of projects. I hope this bill will put in place an effective regulatory mechanism that would safeguard the interest of consumers as well as provide protection against fly by night operators. The passing of bill should enable timely approval and execution of projects which will raise the confidence of consumers and also give a huge boost to the growth of real estate sector”, said Mr. Harshvardhan Neotia, President, FICCI.

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COMMENTS

manoharlalsharma

11 months ago

what will be change it will one more duck and expansive as one MOFA already there in Maharashtra. because this part of the country run on Maharastrians and non Maharastrians.

Shirish Sadanand Shanbhag

11 months ago

This bill is going to be a paper dog.
Unless a strong, quick and effective enforcement authority comes to enforce this real estate bill, it will not dither builders from looting the unscrupulous flat buyers.
Builders should sell the flat on carpet area basis.
Government should work out some formula in deciding the rate of selling the flats.
For the sake of stamp duty, Government calculates the market value of the flat. Then, why this value is not made compulsory to sell the flats?
Parking spaces, even by Tata Builders are sold. Not only that, if flat buyer is not ready to buy a parking, then flat is not sold. Then why not to make parking is salable commodity in Building Industry?
Earlier, Pugree system was illegal. It took almost fifty years to the Government to make Pugree system as legal system. In the same way, let parking be the salable commodity in the Buildings.
There should be fast track courts to redress the grievances of Flats, be it in residential, Commercial or Office premises.

Twitter doling out cash to employees to stop them from quitting: Report
New York : Micro-blogging website Twitter is reportedly offering its employees cash bonuses of $50,000 to $200,000 so that they stay with the company for at least a year, media reported.
 
The social media firm has also been offering additional restricted stock to employees companywide, extending from the upper ranks to junior level employees. 
 
The move is seen as an effort to stop brain drain at a time when the firm's stock has lost two-thirds of its value since its 52-week high of $53.49 in April 2015, Wall Street Journal (WSJ) reported.
 
The move comes at a time when the company is facing stalled user growth and growing competition, the WSJ report added. 
 
A sequential decline in its monthly active users (MAUs) base triggered a sharp fall for Twitter shares as the company announced its fourth quarter results recently.
 
The micro-blogging site reported 305 million monthly active users for the fourth quarter, compared to 307 million in the third quarter that excluded SMS-only followers.
 
The almost-flat user growth led to its shares falling as much as 13 percent in extended trading, Tech Crunch reported, hitting another new low of around $13.75 before flattening out to 3 percent in extended trading.
 
"We saw a decline in monthly active usage in Q4, but we've already seen January monthly actives bounce back to Q3 levels. We're confident that, with disciplined execution, this growth trend will continue over time," the company said in its earning statement.
 
In the past year, the stock has fallen nearly 70 percent and investors are looking for long-term growth from Twitter.
 
In an attempt to bring tweets to more people across the globe, Twitter is planning to introduce an algorithmic timeline like Facebook. 
 
The timeline will reorder tweets based on what Twitter's algorithm thinks people most want to see.
 
The home timeline will be rolled out to people across 23 countries, including India, who visit Twitter home page on their mobile devices. The micro-blogging site has been looking for ways to elevate popular content for quite some time.
 
New CEO Jack Dorsey has made several moves, including cutting jobs and naming Google's former chief business officer, Omid Kordestani, as Twitter's executive chairman.
 
Under Dorsey, Twitter has released a news curation feature "Moments" and the company is reportedly working to extend Twitter's identifying 140-character limit to 10,000.
 
Twitter is also set for a major overhaul under Dorsey to revive the company's fortunes with some of the high-profile executives putting in their papers.
 
CEO Jack Dorsey is trying to get the company back on track, and to fix the damage to employee morale after a year of internal turmoil.
 
Several high-profile Twitter executives and managers have jumped ship in recent months. In the past week alone, Twitter Editorial Director Karen Wickre, and Shariq Rizvi, who confounded the direct response ads team at Twitter, both announced their departures.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Rajya Sabha approves Real Estate Bill
New Delhi : The Real Estate Bill, proposing a Real Estate Regulatory Authority, was on Thursday approved by India's upper house of parliament after the government accepted as many as 20 amendments to the measure as proposed by a Rajya Sabha Select Committee.
 
The Bill, pending before parliament since 2013, aims to protect the interests of property buyers from unscrupulous promoters and regulate the real estate sector.
 
The legislative measure will now go to the Lok Sabha for its approval. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Hemen Parekh

11 months ago

Thanks , Shri Naidu !
A few days back , Parliament passed a bill to regulate the Real Estate Industry
On 04 Nov 2015 ,I sent to Shri Venkaiah Naidu ( mvnaidu@sansad.nic.in ) , an email containing following suggestions
Some of these have been incorporated in the new Act .
Thank you , Shri Naidu for listening !
-------------------------------------------------------------------------------------------------
E-Delivery of Services to Construction Industry

Here is how :

* All builders / developers must register on Municipal Web sites and obtain
unique BUILDER REGISTRATION NUMBER

* Builders must fill in online, on web site of concerned Municipality, a form :

BUILDING PERMIT APPLICATION

* Building Permit Application Form will have a STANDARD FORMAT , into
which applicant will need to submit exhaustive details re the project

This will include detailed Floor Plans and Structural Drawings , along with
names / contact details of Architects / Structural Engineers etc

The FORM will require slab-casting dates for each slab and the final
completion date when builder will apply for Occupation Certificate

* The Form will have a section called

SELF CERTIFICATION / DECLARATION

Builder would be required to tick YES / NO against each item as shown :

Does your proposed Building / Structure / Project , satisfy the criteria /
notifications / regulations , issued by the concerned Ministries in respect
of :

# Built-up Area........... ( YES ) / ( NO )

# Height Restriction

# Fire Fighting

# Water Harvesting

# Roof-top Solar Power

# Effluent Treatment

# Garbage Disposal

# Earthquake Resistant Structural Design..............etc



Clicking on each item will reveal the relevant " Notification / Regulation " issued by the concerned Ministry

To make the process absolutely fool-proof , the form will insist on an " Electronic Signature " of the applicant


DECLARATION / UNDERTAKING :


" I declare that I have read each and every notification / regulation , listed in respect of items mentioned above

I further declare that I explicitly agree to abide by these regulations

I am aware that Occupation Certificate will not be granted if my completed project is found to be in violation of any of these notifications / regulations

I will not allow any person / entity to occupy any part of this premises , until and unless , Municipality issues to me , the Occupation Certificate

If Municipality finds any violations , I agree to rectify the same before applying for a fresh Occupation Certificate

If Municipality is not in a position to issue Occupation Certificate due to any
violations which simply cannot be rectified , then I will demolish the said building / project / structure on my own and before such demolition , refund with interest , payments collected from the buyers

The plot of land is free from any encumbrances / litigations

I am not in default of any loans taken from any bank / individuals

I will not accept any payment in cash , nor make cash payments

I absolve the Municipal Corporation of any liability arising out of non completion of my project

I agree that my Building Permit Application and my Registration Application details , be made accessible to public on your web site , along with full details of my past / current projects and full details of my balance sheet / bank borrowings "


GRANT OF APPROVALS BY MINISTRIES :


As soon as the builder submits the online BUILDING PERMIT APPLICATION , it automatically and instantly , appears on the web sites of ALL the concerned Ministries

The concerned officer of each Ministry , makes APPROVED / REJECTED entries in the application form , from the backend

If rejected , he will provide the reasons

Ministry officers are required to carry out this entry , within 24 hours

As soon as an officer of any Ministry makes entry and SUBMITS , the application forms on web sites of ALL Ministries and web site of the concerned Municipality , get updated simultaneously and instantly , making for MIRROR IMAGES at all times

As soon as any entry is made , a copy gets emailed to the applicant builder

Any " editing " of the application form by the builder , will start the entire process , all over

Applicant builder will be obliged to display the latest emailed form at the site

The database so created on web sites of ALL Ministries - and concerned Municipality - will be searchable State-wise / City-wise



CHANGES IN RELEVANT LAWS :


To speed up any litigation between the parties concerned ( Builder / Buyers / Central & State Govts / Municipality / Bankers etc ) , existing laws may be changed


IMPORTANT :

Every application must be in the open domain and visible to anyone , online and transparently

There should be provision for any visitor of the web site to report any abuse / violation of regulations or any objection to the proposed construction


ADVANTAGES :


If such SELF CERTIFICATION process is implemented , it should be possible for India to beat Singapore , where getting 11 approval takes only 26 days !

It would be ZERO days in our case !

Now couple this with abolition of Corporate Income Tax for Construction Industry for the next 10 years and witness a MIRACLE

-------------------------------------------------------------------------------------

hemenparekh.in / blogs
15 March 2016

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