It needs a lifetime saving to buy a dream home. Over the years’ nine to five finally gets a desired shape with home buying. A salaried man spends half of his life counting the EMIs of apartment. After all these sweat-dropping effort, does he catch the worthwhile of his put in money and sentiment? More than the excitement for real estate investment, a homebuyer dreads builders’ pretence. In the name of property selling builders and promoters used to take homebuyers for a ride. Promoters used to mislead homebuyers with super-build areas, project delays, whimsical changes in plan of action and inferior material using substandard materials in construction. All these don’t stop here; buyers even claimed that builders had taken money with the assurance of delivering spacious luxury project and delivered exactly the opposite.
After missing the deadline of RERA notification, while other states that failed to notify respected RERA rules came up with official declaration about their submission timings, West Bengal was the only state, where people had no clue about the roadmap of RERA implementation. Even, CREDAI Bengal confirmed in an official statement that they didn’t have any meeting with the state legislature regarding RERA implementation. Earlier, Housing Minister of West Bengal Mr. Sovan Chattopadhyay said,”I am unable to tell, by when we will be able to enforce RERA.”
But in a recent statement state has revealed that on August 16 state is likely to disclose its real estate bill. By now, the draft has been in the saddle. Currently, the state is sitting on inventories and most of these inventories are from flats in Rajarhat. To undo realtor and developers’ fad central government introduced the Real Estate Development and Regulatory Act in May, 1, 2016, which came into effect on exactly after a year.
Despite time and again follow up by the union ministry states fell through the notification. States that met the time period of notification are found partially complied with the central law. States had been given enough freedom to the states in the formation of their laws respectively, the liberty has been misused by the states and they ended up with diluting central laws to a great extent, just to safeguard most of the ongoing projects.
“Indeed big news, for West Bengal real estate and the long-awaited homebuyers. Finally, real estate market would get back the desired accountability in all realty transactions,”-said Mr. Mahesh Somani, West Bengal RERA and realty expert.
Coming up to the West Bengal RERA rules, Mamata Banerjee government confirmed in an official statement, the bill will be presented before the Bidhan Sabha on day after the Independence Day. According the central RERA agreement for sale and boost-
• If a developer is unable to deliver the possession timely, then buyer holds the right to cancel the agreement. Under this circumstance the builder has to repay the booking amount with interest within 45 days of time period.
• Even after the possession if there any constructional dispute occur and the promoter denies fixing it, then he has to count the interest along with the compensation amount.
In case of the diverse situation where the buyer is incapable to put the amount on table timely, then-
The promoter too can nullify the agreement. In case the buyer doesn’t want to cancel the agreement. Then promoter has to reckon the interest on the booking amount. As per the law while buying home there will be 20 paged treaties signed between the buyer and the builder where it would be clearly stated that by what time the promoter will deliver the possession to the buyer and how much amount the buyer has to pay in divided time slots. The contract also says, if there is any shortcoming of one side, the other party owns the right to cancel the deal. This basic outline would be followed by West Bengal as well.
-Somani Realtors News Network