Homebuyers have raised concerns over the draft real estate rules, saying they fail to protect the interests of those who have booked apartments in the projects that are yet to be completed. But the draft rules do not say how this provision will apply to ongoing projects as developers have already collected 60-70% of the money. While registering a project, a developer has to share all the project details and give a timeframe to the regulator. This provision, consumers groups say, can be misused in case of ongoing projects as a developer can set a new deadline and alter the layout. “The rules should clearly specify that for ongoing projects a developer will have to submit the original sanction plan and the time frame promised at the launch along with subsequent changed plans,” Upadhyay said.

Source: Hindustan Times September 06, 2016 09:56 UTC