Highlights of the Real Estate Bill 2013: Important Points and Their Implications

The Union Cabinet approved the Real Estate (Regulation and Development) Bill in June, 2013. While the popular notion is that this was a delayed step, the consensus remains that the bill will reform the realty sector.

The primary beneficiaries of this bill will be the consumers, who have so far dealt with corruption, land mafias, red tapism, and black money in the realty sector. The bill seeks to create a Real Estate Regulatory Authority and an Appellate Tribunal that will watch over the housing sector. This will introduce greater transparency in the sale of immovable properties and protect the consumer’s interests.

Let’s delve straight into the highlights of the Real Estate Bill 2013.

Applicability of the Bill

The applicability of the bill has been limited to the residential segment of the sector, that is, housing and any unit ancillary to housing. The bill defines the terms ‘real estate project’ and ‘apartment.’

It primarily looks at a real estate project as the development of a building or building comprising apartments. On the other hand, an apartment is looked at as a self-contained and separate part of any immovable property.

Standardization of Key Terms

Besides defining the two key terms, project and apartment, the bill standardizes the meanings of various other popular and important terms, namely carpet area, common areas, prospectus, advertisement, and so on.

After defining the carpet area, the bill mandates that only carpet area be used as a parameter while selling property across India. Until now, other parameters like built-up area and super built-up area were being used, resulting in unfair trade practices.

Establishment of a Regulatory Authority and Appellate Tribunal

A Real Estate Regulatory Authority will be set up for the regulation and enforcement of the sector. It will be an authority similar to Insurance Regulatory and Development Authority (IRDA) for insurance and Telecom Regulatory Authority of India (TRAI) for telecom. It can impose punishment like imprisonment up to 3 years on developers who violate the law.

A Real Estate Appellate Tribunal comprising a sitting or retired High Court judge as its head and a judicial and administrative/technical member will hear appeals from the directions of the authority and the adjudicating officer.

Registration and Duties of Real Estate Agents

Now, agents will need to be registered. They can facilitate the sale of only those units that are registered with the Real Estate Regulatory Authority. The agents must have clear documentation and provide allottees with the necessary documents they’re entitled to possess.

Statutory Clearances and Public Disclosure of a Project

Developers will need to acquire all statutory clearances from regulatory authorities before launching a project. The clearances would need to be submitted to the regulator and featured on a website before starting the construction.

The public disclosure of all the key details of the project is also made mandatory.

What to Consider When Choosing a Johns Island Real Estate Agent

Are you a Johns Island resident? If you aren’t already, are you looking to become one? Whether you are looking to buy a home in the Johns Island area or sell a home in the area, you may want to retain the services of a real estate agent. In the Johns Island area, you will want to use a Johns Island real estate agent.

Choosing a Johns Island real estate agent sounds simple enough doesn’t it? While it can be an easy and quick decision, you are urged to not to treat it is as one. Whether you are buying or selling a home, you are making a big change in you life. This change is one that should be thoroughly examined before making any decisions, including the real estate agent that you would like to represent you.

When it comes to finding a Johns Island real estate agent, you will want to keep your needs in mind. Although most Johns Island real estate agents serve both homeowners and homebuyers, not all do. That is why it is important that you find a real estate agent who can provide you with what you need. Once you have decided that a local real estate agent, or a number of them, have what you need, you can begin to examine other important factors.

One of those other factors, that should be examined, is experience. Although everyone, including real estate agents, need to start somewhere, you will want to seek assistance from a well-known and established Johns Island real estate agent. It cannot be guaranteed, but, in most cases, you will find that established real estate agents have better luck selling a home or helping you negotiate an affordable price for your dream home. If you are unable to find an established real estate agent, you will, at least, want to go with an established real estate company. Many well-known real estate companies will only hire agents that they feel are qualified to offer the best service.

If you are looking to sell your home, you may want to be concerned with the cost of hiring a real estate agent; however, if you are looking to buy a home, this really shouldn’t be a concern. See, homebuyers really do not have to pay for using the assistance of a real estate agent, even a Johns Island real estate agent. Real estate agents receive commission from the sales that they help to produce. If you are buying a home, this fee will likely be included in the purchase price of your property. Although most real estate agents receive the same amount of commission for their services, as a home seller, you may want to examine that percentage ahead of time.

The above mentioned factors are just a few of they many that you will want to consider. You may also want to look for a Johns Island real estate agent that appeals to you, in a polite way. You will likely be spending a lot of time communicating with your real estate agent; therefore, you will want to make sure that your agent is someone who you can trust and keep an open line of communication with.