In noida real estate sector you can see the many reputed builders projects. Now days in Delhi NCR real estate sector people are looking for the ready to move in apartments and increasing the demand of ready to move in. so in these conditions and recent news about the real estate bill get positive energy for the buyers and investors against to the builders. Residential and commercial both type of property in noida growing very well but in current time people are looking for the ready to move in apartments preferred by the buyers, if you are looking for the ready to move in apartments you have lot of options are available in Noida location such as Jaypee Greens projects located in noida expressway and Greater noida. In central noida you can see the supertech projects, Amrapali noida projects: Amrapali Silicon City, Prateek Wisteria and Lotus greens etc.
One more thing is very good for the buyers and investors are that the real estate Regulatory bill in rajya shabha. So you can see the positive things in this bill. In this real estate bill you can see these following points which are favor of the buyers and investors:
1) It establishes the State Real Estate Regulatory Authority for that particular state as the government body to be approached for redressed of grievances against any builder. This will happen once every state ratifies this Act and establishes a state authority on the lines set up in the law.
2) This law vests authority on the real estate regulator to govern both residential and commercial real estate transactions.
3) This Act obliges the developer to park 70% of the project funds in a dedicated bank account. This will ensure that developers are not able to invest in numerous new projects with the proceeds of the booking money for one project, thus delaying completion and handover to consumers.
4) This law makes it mandatory for developers to post all information on issues such as project plan, layout, and government approvals, land title status, sub contractors to the project, schedule for completion with the State Real Estate Regulatory Authority (RERA) and then in effect pass this information on to the consumers.
5) The current practice of selling on the basis of ambiguous super built-up area for a real estate project will come to a stop as thi ..
6) Currently, if a project is delayed, then the developer does not suffer in any way. Now, the law ensures that any delay in project completion will make the developer liable to pay the same interest as the EMI being paid by the consumer to the bank back to the consumer.
7) The maximum jail term for a developer who violates the order of the appellate tribunal of the RERA is three years with or without a fine.
8) The buyer can contact the developer in writing within one year of taking possession to demand after sales service if any deficiency in the project is noticed.
9) The developer cannot make any changes to the plan that had been sold without the written consent of the buyer. This puts paid to a common and unpopular practice by developers to increase the cost…
10) Lastly, every project measuring more than 500 square meters or more than eight apartments will have to be registered with the RERA.
Sourced From: – http://economictimes.indiatimes.com/