Bengal adopts RERA, more clarity once rules comes

The West Bengal Housing Industry Regulation Bill 2017 was passed by the state Assembly here today though it missed the July 31 deadline by the Centre for adoption of the Real Estate (Regulation and Development) Act 2016 in all states.
The bill was moved by state Housing minister Sovon Chatterjee. The CPI(M) demanded that the bill be referred to the select committee which was turned down.
The bill aims to offer consumers protection from the building and housing promoters.
Once notified by West Bengal government, all housing projects above 500 square meters or eight apartments needs to be registered with the state regulator Housing Industry Regulatory Authority (HIRA).

The bill proposes to bring the HIRA in place over the next 60 days.
The bill says the ongoing projects for which the completion certificate has 'not' been issued, the promoter shall make an application to HIRA within a period of three months from the date of commencement of this Act.

Real estate players were demanding not to include the ongoing projects for new rules.
A promoter will be required to keep at least 70 per cent of the sale proceeds in the escrow account, a common malpractice in the real estate sector.
Chatterjee asserted in the House that the government will take stern action for any filling up weltland and ponds.