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Showing posts from August, 2015

COOL BREEZ FOR HOME BUYER & INVESTOR IN NOIDA BY NGT

The Ministry of Environment and Forest (MoEF) gave the go-ahead for the draft notification of the Eco-Sensitive Zone (ESZ) around the Okha Bird Sanctuary on Tuesday. The approval of the draft notification has brought much relief to almost 100,000 home buyers in the region, who had been left agonizing after the NGT had ordered that constructions in a 10-km radius couldn’t be accorded completion certificates until the ESZ is given clearance by the National Board for Wildlife (NBWL). Meanwhile the NGT, while directing the MoEF to finalize the notification in three weeks, has added that the notification can also be challenged by stakeholders. The 10-km radius was based on a directive issued by the National Board for Wildlife (NBW) in 2005 that had deemed such a radius around sanctuaries to be considered eco-sensitive. The new draft notification, which was approved on Tuesday, says that the ESZ will range from 1.27 km on the northern boundary of the sanctuary till the DND flyway and 100...

Real Estate Bill in the court of government

 by Ajay Sharma In an important development towards the regulation of realty sector within the country, the Real Estate (Regulation & Development) Bill, drafted by the UPA government, which is awaiting the new government’s approval has undergone a few changes and is expected to be soon taken up by the Cabinet for approval. The Bill provides for a uniform regulatory environment, to protect consumer interests, help speedy adjudication of disputes and ensure orderly growth of the real estate sector. The Bill contains provisions of registration of real estate projects and registration of real estate agents with the Real Estate Regulatory Authority; functions and duties of promoters and allottees; establishment of Real Estate Regulatory Authority; establishment of fast track dispute resolution mechanism through adjudication; establishment of a Real Estate Appellate Tribunal; offences and penalties etc.  The two important changes proposed by the ministry of housing are...