Centre approves Draft Real Estate Agreement Rules for Union Territories - MYREALITY.In, Real Estate, Share Market, Mutual Fund, Insurance
Trending
Powered by Blogger.
Friday, August 05, 2016

Centre approves Draft Real Estate Agreement Rules for Union Territories

Centre approves Draft Real Estate Agreement Rules for Union Territories
The Ministry of Housing & Urban Poverty Alleviation has firmed up the Draft Agreement for Sale Rules, 2016 applicable for the 5 Union Territories of Chandigarh, Andaman & Nicobar Islands, Daman & Diu, Dadra and Nagar Haveli and Lakshadweep, an official statement said on August 1, 2016.
These Rules will now be placed in public domain for comments and suggestions before final notification.
Under these Draft Rules, promoter is required to clearly indicate the date of delivery of possession to the allottee in the Agreement itself.
“However, there is a provision for extension of this date in case of delay caused by due to war, floods, drought, fire, cyclone, earthquake or / any other calamity caused by nature,” the statement added.
There shall be a clear mention in the Agreement of date of grant of commencement certificate, clear land title giving the area of project and Khasra numbers, number of stories and plots in the project, carpet area and common area, share of allottee in common area, total price etc.
The statement added that the total price is defined as including cost of land, cost of construction of apartment and common areas, internal and external development charges, taxes, cost of electric wiring and fire fighting equipment. Rules stipulate that total price is escalation free except when development changes are altered.


Centre approves Draft Real Estate Agreement Rules for Union Territories Reviewed by S. Chitra on August 05, 2016 Rating: 5 Centre approves Draft Real Estate Agreement Rules for  Union Territories The Ministry of Housing & Urban Poverty Alleviation has firm...

No comments:

Google+ Followers