NAREDCO welcomes new real estate rules
National Real Estate Development Council (NAREDCO) welcomes the new real estate rules by Ministry of Housing and Urban Population.
As per the new real estate rules, developers will now have to provide additional information like original sanctioned plans, changes made later and fresh timeliness for completion of ongoing projects to buyers and deposit 70 per cent of the unused funds in a separate bank account to ensure project completion. The rules will be applicable to five Union Territories without Legislature — Andaman & Nicobar Islands, Dadra and Nagar Haveli, Daman & Diu, Lakshadweep and Chandigarh. For Delhi, similar rules will be notified later by the Ministry of Urban Development.
Rajeev Talwar, Chairman, NAREDCO, said, “The rules will provide for regular auditing so as to verify the claims made by builders regarding used funds. These changes in the real estate bill will surely help to regulate real estate sector and it will become more consumer friendly. As a real estate body, I thank M Venkaiah Naidu, Minister of Housing and Urban Development for bringing such welcoming changes in the real estate sector rules.”