NEW DELHI: In a move that could provide the much needed shield to even small property buyers, a Parliamentary panel has recommended that all housing projects where the land exceeds either 500 square metre or there are eight flats in a plot should be brought under the proposed Real Estate (Regulation and Development) bill.
The panel headed by BJP MP Anil Madhav Dave submitted its report to the Rajya Sabha on Thursday. The original bill mandated builders developing a project where the land exceeds 1,000 square metre or above to register with the real estate regulator before launching or even advertising a housing scheme.
The panel has also recommended that a builder cannot divert less than 50% of money collected from buyers to other projects. States, however, would be free to raise the ceiling but not lower it. The original bill, drafted by the UPA government, had mandated that developers cannot divert 70% of the money to other projects.
All penal provisions that were part of the original bill have also been retained. Developers could be penalised 10% of the project cost or three-years imprisonment for failing to disclose project information.
However, the bill is likely to run into rough weather as the Congress, CPI(M), AIADMK and SP members — who were part of the panel — have dissented to some of the panel’s recommendations.
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