05
Mar

New Real Estate Bill – Protection to Buyers ?

The Real Estate bill, which was long pending has finally been introduced and needs to be enacted. The Bill, once enacted will at last give teeth to apartment buyers, who till date were at the mercy of real estate developers.

The bill would make the developers accountable for structural stability of the buildings, timely completion and cash management of the proceeds of the sales of each project. This will make sure that the developer does not use the funds meant for specific project for any other purpose.

The Bill will also give more teeth (were there at all any teeth, in the first place?) to the government to regulate contracts between the buyer and the seller to ensure customer protection and also standardise business practices.

However, it is not yet clear to me as how this bill will protect the consumer from projects where the quality of works completed do not meet the promises made in terms of quality of workmanship or quality of materials used for construction.

We at Nemmadi, as third party, assist the buyer in identifying deficiencies or shortcomings by inspecting the work done and reporting to the client and the developers for rectification.

If you are buying a new flat or an old one, we are the right people to help you inspect the flat from all Engineering angles.

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