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.
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