Governance – Page 30 – FindMyProperty

The urban development minister Venkaiah Naidu approved the final rules to implement the Real Estate Regulatory Act (RERA) for Delhi. This rule has entitled Udai Pratap Singh, the vice-chairman of Delhi Development Authority (DDA), as the interim regulator who will undertake preparatory actions like setting up the website and putting in place the required institutional mechanisms.

The rules, which will be notified by the November 27th, are same as notified by the ministry of housing and urban poverty alleviation (HUPA) on last month October 31.

The act aims for the formation of Regulatory authorities to undertake third party quality audit of real estate projects to ensure quality of construction and services.

The Delhi Real Estate Regulatory Authority (RERA) rules will mandate the publication litigation details by the builders about only those cases which have been prepared of by the concerned court in the past five years. These litigation details published on the RERA website.

Union Urban development minister M Venkaiah Naidu approved these rules, which were formulated after consulting the state government, DDA, New Delhi Municipal Council and other stakeholders. As per the rules, the builder-buyer agreement for sale can now include other elements or features, such as garage and parking.

This has been considered since a promoter may not have complete information about various cases filed, while providing the information to regulatory authorities.

There is no correction in housing prices in the primary market, demonetisation as rates are already at the lowest level. The Primary market is supported by banks and financial associations which are all regular entities. Such as cash factor is not a basic element of the essential market. Consequently, Credai denies opposing effect on the primary real estate sector arising out of demonetisation.

Government decided to abolish black money and corruption is in the interest of the common man as well as business and industry.

Home loan rates are coming down from the present interest rate of 9.25 percent to less than 7 percent in less than one year from now. This would bring down the EMI for a ultimate consumer.

In other words, the demonetisation would put more money into the pocket of home buyers through lower taxation rate and incentives for home possession.