Government notifies rules
Union government notified Real Estate (Regulation and Development) (General) Rules, 2016 which stipulate real estate developers furnish additional information regarding the ongoing projects besides depositing 70 per cent of unused funds in a separate bank account to ensure their completion.
Under the new rules, the developers will also be required to refund or pay compensation to the allottees with an interest rate of State Bank of India’s highest marginal cost of lending rate plus two per cent within 45 days of the payments becoming due.
The Rules are applicable to the five Union Territories of Andaman & Nicobar Islands, Dadra & Nagar Haveli, Daman & Diu, Lakshadweep and Chandigarh.
Under the Rules, adjudicating officers, Real Estate Authorities and Appellate Tribunals shall dispose of complaints within 60 days.
Real Estate Regulatory Authorities have been mandated to publish on their websites the information relating to profile and track record of promoters, details of litigations, advertisement and prospectus issued about the project, details of apartments, plots and garages, registered agents and consultants, development plan, financial details of the promoters, status of approvals and projects etc.