| May 20th, 2017 06:17 PM | |
| prince karak | Re: hudco housing policy HUDCO is a unique institution with its motto of "Profitability with Social Justice". A Public Sector Company, under the Ministry of Housing and Urban Poverty Alleviation(MoHUPA), Housing Policy Theme “Affordability” is a relative term which means different things to different people. In the context of housing, affordability means the financial capacity of an individual to buy or rent a house. In 2008, the High Level Task Force on Affordable Housing for All, setup by the Government of India, defined affordability as a measure of household gross annual (i) Real Estate Regulator: The Act mandates setting-up of Real Estate Regulatory Authorities (RERAs) and Real Estate Appellate Tribunals in all states and union territories (except J & K) within 1 year of its notification. (ii) Registration of Real Estate Projects and Agents: Mandatory registration of real estate projects with the RERA, through web-based online system, is required where the total area of land proposed to be developed exceeds 500 square meters or where more than eight apartments are proposed to be developed inclusive of all phases (where phase-wise development is proposed). Similarly, the Act requires mandatory registration of Real Estate Agents to carry out real estate business. The Act also requires every phase of a project to be registered separately as a standalone project. Projects cannot be advertised, booked or sold in any form prior to registration and obtaining the necessary construction approvals. The RERA is required to either grant or reject registration applications within 30 days. (iii) Disclosures :Publicly accessible disclosures of the project and promoter details, along with a self-declared timeline within which the promoter is required to complete the project, are compulsory. Quarterly project related disclosures are also required. The disclosures are to be made available online. (iv) Standardisatio of Definitions: The Act defines key terms such as ‘apartment’, ‘carpet area’, ‘interest rate’, ‘agreement to sale’ and ‘completion certificate’ etc. which will help in homogenizing sector practices and prevent abuse of consumers due to biased classifications such as ‘super built-up area’ etc (vi) Insurance: The promoter is required to obtain insurance for title and buildings along with construction insurance. The promoter is required to declar that it has legal title to the project land or authenticate validity of title, if such land is owned by another person. (vii)Project sanctity: The promoter is not permitted to alter plans, structural designs and specifications of the land, apartment or building without prior consent of two-third of the allottees. The promoter is also not permitted to transfer or assign majority of its rights and liabilities in a project without such consent, along with the RERA’s prior written approval. (viii) Rights and duties of Allottees: The Act prescribes rights and duties of allottees, including right to obtain information relating to sanctioned plan, stage-wise time scheduling of completion, etc. The allottees have to make necessary payments in the manner and within the time as specified in the agreement to sale. (ix) Model agreement :The Act provides that a specified form of agreement for sale between promoters and consumers may be prescribed, which will prevent inclusion of biased provisions in it. Consumers have also been granted the right to seek relief for unilateral termination of such agreements by promoters without cause. (x) Defects liability: The promoter is responsible for structural defects or other deficiencies for a period of 5 years from the date of delivery of possession. Housing and Urban Development Corporation Housing Policy     |
| May 20th, 2017 06:15 PM | |
| Unregistered | Re: hudco housing policy Hi sir, I Wants to get the information About the Housing Policy of the Housing and Urban Development Corporation ? |
| January 20th, 2016 02:55 PM | |
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