Main
House panel favours three-year jail term for defaulting builder


According to reports in the media, the Select Committee of the RajyaSabha, which examined the Real Estate Bill 2013 and submitted its report in the House on Thursday, also recommended that 50 per cent of payments made by homebuyers for a real estate project should be kept in a separate account and used for that specific purpose only while the rest can be spent on other projects.
The Bill aims at establishing the Real Estate Regulatory Authority (RERA) for regulation and promotion of the sector and setting up of an adjudicating mechanism for speedy dispute redressal. It also aims at establishing the appellate tribunal to hear appeals against the decisions of the RERA.
Under the proposed new law, a jail term of up to three years or a penalty of up to 10 percent of project cost or both can be imposed on a builder in case of defaulting on commitments made to a buyer. The committee also recommended that the new law should cover projects of 500 sq. metres and more or eight flats, instead of 1000 sq. metres or 12 flats as proposed initially in the bill.
The panel recommended that promoters should get their accounts audited within six months after the close of every financial year by a practising chartered accountant.
-
News4 weeks ago
Phoenix Mills, B Safal launch Palladium
-
News4 weeks ago
House of Hiranandani’s plogging initiative
collects over 100 kg waste from Thane city -
News4 weeks ago
NoBroker expands its Series E round with Google joining other investors
-
News4 weeks ago
Reliance Industries into Commercial RE
-
project4 weeks ago
Migsun Gp to invest Rs 706 cr to develop high-street commercial project
-
News4 weeks ago
Paramount Group gifts flowers, plants to workers of Paramount Golfforeste in Greater Noida
-
News4 weeks ago
Pragati Group raises $200 m from Singapore based fund
-
News3 weeks ago
Samtel Avionics MD & CEO, Puneet Kaura takes over as the Chairman, CII Delhi State