'New law draft to benefit home buyers'
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Once the promoter registers his project, the firm will be asked to open an online account through which all the necessary documents will have to be sent to the authority, which will further verify them.
The authority will have a chairperson and not less than two members having adequate knowledge and experience of the sector.
It will also have the powers to impose penalty on erring promoters and to direct them to refund the money that they have charged from the consumer.
Selja said "much of the apprehensions" of the real estate and other sectors would be met in the legislation and expressed her desire to listen to suggestions.
"We are open to suggestions. In fact, I will be holding a meeting with real estate sector, private sector and other stakeholders on this issue," the Minister said.
The legislation also proposes establishment of a 'Real Estate Appellate Tribunal' to hear appeals from the Authority's orders and to adjudicate on disputes.
"The tribunal will be headed by a sitting to retired judge of Supreme Court of Chief Justice of High Court with 4 judicial and at-least 4 administrative/technical members," she said.
A Central Advisory Council will also be established to advise the Centre on matters concerning implementation of the Act.
Selja also said both Centre and States will have powers to make rules over subjects specified in the Bill, and the Regulatory Authority to have powers to make regulations.
Noting that poor have very little access to credit as financial institutions are "very reluctant" to encourage them, Selja said the Credit risk Guarantee Fund announced by Finance Minister Pranab Mukherjee during his budget speech this year would go a long way in addressing their concerns.
Under the scheme, she said, the Government will provide credit guarantee support to collateral-free/third-party- guarantee-free housing loans up to Rs 5 lakh extended by lending institutions for low income housing.
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