Centre notifies real estate rules, set to bring relief to buyers

New Delhi: Soon, you will have to pay lower property registration fees and even get payment of compensation if builder delays in handing over your property.

This has been made possible by the new Real Estate rules which were notified on  October 31, as stipulated in the Real Estate (Regulation & Development) Act, 2016 that was partly brought into effect on May 1 this year.

The new rules have made it mandatory that the builder keeps 0% of unused amounts collected for ongoing projects in a separate bank account. He even declares original sanctioned plans, changes made later, fresh timeline for completion of ongoing projects to the buyer. Promoters will have to make public a host of information and report quarterly progress to enable informed decisions by buyers

The new real estate rules make registration of projects with Regulatory Authorities mandatory, and incentivises registration of projects and real estate agents with regulatory authorities, fee for the same has been reduced by half based on suggestions from promoters for reduction of fee.

The fee has been reduced to Rs 5 per square metre for up to 1,000 square metres and Rs 10 per square metres beyond this limit subject to a maximum of Rs 5 lakh per project.