President Ram Nath Kovind recently sanctioned the Rajasthan Apartment Ownership Bill 2015 that was pending from a long time to get implemented in the State.
This bill will also make working more transparent in the real estate sector and will also protect homebuyers’ interest like the Real Estate Regulatory Act does.
The Rajasthan Amendment Apartment Bill 2015 ensures that every homebuyer with an allotted flat/apartment by the developer must get the rights of ownership and the possession of the same. Also, it is compulsory for the developer to disclose the title deed of the land/plot on which the entire apartment or the residential building is developed along with the sanctioned building layout and details of the common areas.
Also, in the agreement, the developers are required to specifically enter the details of built-up area at which the unit cost is calculated.
A senior official at the Urban Development and Housing department said that the developers are also required to give a written promise to pay the needful penalty in case of incomplete filling of project details. The developers must also disclose the penalty for delay in the project at the time of booking of an apartment, the officer said.
Although the developers feel that this bill was not required to be introduced as the maximum provisions under the Ownership bill are similar to the RERA Act.
The State Assembly passed the Rajasthan Apartment Ownership Bill on 8th April, 2015 after which the Bill was sent to the Union Government for approval. After which, the Union Government removed clauses 6, 11 (1) & (2) from the draft of the Bill to remove similarities of the same with Centre’s Real Estate Bill.
One of a senior official said that the Governor in February 2018 forwarded the Bill to the State Government for reassessment and the amended Bill was passed in the legislative assembly.
The same bill was sent to President Ram Nath Kovind in April 2018 and was waiting to get the final nod.