{"id":3005,"date":"2016-01-29T16:39:45","date_gmt":"2016-01-29T09:39:45","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-lowdown-on-indias-game-changing-real-estate-bill\/"},"modified":"2016-01-29T17:09:29","modified_gmt":"2016-01-29T10:09:29","slug":"the-lowdown-on-indias-game-changing-real-estate-bill","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-lowdown-on-indias-game-changing-real-estate-bill\/","title":{"rendered":"The lowdown on India\u2019s game-changing real estate bill"},"content":{"rendered":"


\nIndia\u2019s regulatory bill is awaiting parliamentary approval
\nImage credit: The Business Standard
\nAimed to establish a state-level agency that will protect the interests of property investors in India, the Real Estate (Regulation and Development) Bill 2015 (Bill) is now at the hands of Parliament.
\nThe final draft of the Bill finally got the approval of India\u2019s cabinet in December 2015, according to English-language daily dna India.
\nApplicable for residential and commercial real estate projects, the Bill calls for the regulation of all real estate transactions. It requires all registered projects to reveal all details of the development, from development, layout plan, approvals, agreements with property agents, the architectural and engineering details, among others.
\nMore: India makes strides in regulatory changes and transparency
\nThe Bill also makes it mandatory for developers or builders to deposit 70 percent of the sales proceeds from buyers into an escrow account in a bank within 15 days to cover construction costs. An earlier draft stipulated 50 percent of the proceeds.
\nAccording to the Business Standard, some builders in India use parts of the said amount to another project, which has been known to cause project delays.
\nMoreover the Bill\u2019s latest draft covers smaller projects of at least 500 sqm, which was widened from the initial 1,000 sqm threshold.
\n\u201cNot only will it protect the consumer but also encourage the individual buyer, both domestic and international, to invest in the real estate market,\u201d said Anshuman Magazine, CBRE South Asia\u2019s chairman and managing director.
\nMore: Find out if Prime Minister Narendra Modi has made good on his real estate promises
\nMany developers are reportedly backing the Bill as well, and the national government is confident that it will be passed during the Budget sessions.
\n\u201cThis is one of the priorities of the government and no party has any objection since we have incorporated all their recommendations,\u201d parliamentary affairs and housing minister M Venkaiah Naidu told the Times of India\u00a0last week.
\n\u201cWe have increased the share of payments made by home buyers that has to be kept exclusively for individual projects. This was one of the major demands of the Congress party,\u201d he noted.
\nTimes of India estimates that up to 4,000 new real estate projects are launched every year, based on industry reports.
\n
\nSource : property-report.com
\nRead more…The lowdown on India\u2019s game-changing real estate bill<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

India\u2019s regulatory bill is awaiting parliamentary approval Image credit: The Business Standard Aimed to establish...<\/p>\n","protected":false},"author":1,"featured_media":3006,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-3005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/01\/The-Business-Standard.jpg?fit=740%2C554&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-Mt","jetpack-related-posts":[{"id":7472,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/india-property-legislation-protecting-home-buyers-passed-into-law\/","url_meta":{"origin":3005,"position":0},"title":"India property legislation protecting home buyers passed into law","date":"March 11, 2016","format":false,"excerpt":"\r \r Mumbai \/\/ A much-awaited law on real estate in India aimed at protecting homebuyers was passed yesterday and is expected to help revive interest in property.The real-estate regulation and development bill, which was cleared by the Rajya Sabha, or India's upper house in parliament, is designed to bring\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":42921,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/indias-property-sector-gains-in-jaitley-budget\/","url_meta":{"origin":3005,"position":1},"title":"India's property sector gains in Jaitley budget","date":"February 4, 2017","format":false,"excerpt":"\r MUMBAI \/\/ India's property sector is set to be one of the key beneficiaries of the federal budget, according to analysts.\"This has been one of the path-breaking budgets with far-reaching changes especially for the real estate sector,\" said Shishir Baijal, the chairman and managing director of Knight Frank India.\"This\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21578,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/secret-history-mumbai-bungalow-touted-for-luxury-development-potential\/","url_meta":{"origin":3005,"position":2},"title":"Secret history Mumbai bungalow touted for luxury development potential","date":"August 1, 2016","format":false,"excerpt":"\r A rare development opportunity with a side of heritage A house with history: Nehru (right) pictured with Gandhi in 1946, was a regular visitor to the bungalow. 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