Property Registration Will Be Made Mandatory

June 6, 2007	(Be the first to rate this story!)  Loading ...
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Property insurance will be made compulsory, the premium of which would be borne by builders. The drive is planned to deter corrupt developers from constructing poor structure just for the sake of mere profits.

Builders will also need to get layouts and designs approved by registered architects in addition to general clearance from local bodies. Real Estate Management and Regulation Bill that specifies constituting state level regulators to scrutinize ongoing real estate developments in cities.

Apart from keeping a check over building plans and ensuring mandatory insurance of buildings, the regulator would also ensure the developers to provide all the basic amenities such as water and electricity connections, lifts and parking facilities. Most importantly, buildings have to be earthquake resistant.

Planned things will be executed under a model law to be incorporated by other states. Delhi would have to mandatorily put a real estate regulator in place after the Bill gets a approval from Parliament.

Parking problem in Delhi remains shoppers’ and residents nightmare. To resolve the problems, when passing the lay-out plans, the architect would focus on the ample space or floors to be dedicated to parking.

These unscrupulous developers make false promises to lure customers.  After possessing the house, people do not find adequate facilities especially water and electricity connections. The situation has encouraged the Government to come up with preventive measures to discourage the construction of poor quality buildings.

News Published Under:   Real Estate India |

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