The Real Estate Act is a game changer, 6 things you SHOULD know about it

trapped

FEELING TRAPPED?

6 ways in which the Real Estate Act will protect you.

The Real Estate Act comes into force in 2016 and makes several provisions for the protection of buyers :

  1. Mandatory to register with the Real Estate Regulatory Authority (RERA): All commercial and residential real estate projects with over 500 square meters or eight apartments shall register with the Real Estate Regulatory Authority (RERA) for launching a project, in order to provide greater transparency in project-marketing and execution. For on-going projects which have not received completion certificate on the date of commencement of the Act, will have to seek registration.
  2. Escrow Account: The Act prohibits unaccounted money from being pumped into the sector and the money has to be deposited in escrow bank accounts through cheques. There was a time when the money of project for which the payment was taken, was invested in other projects which ultimately resulted downfall of market. This is now being curbed in this bill.
  3. Clear Clauses: A major benefit for consumers included in the Act is that builders will have to quote prices based on carpet area and not super built-up area. The carpet area has been clearly defined in the Act to include usable spaces like kitchen and toilets.
  4. Real Estate Regulatory Authorities: Real Estate Regulatory Authorities (RERAs) shall regulate transactions related to both residential and commercial projects and ensure their timely completion and handover. Appellate Tribunal shall adjudicate cases in 60 days as against the earlier provision of 90 days and Regulatory Authorities to dispose off complaints in 60 days.
  5. Standard Agreement: Guidelines are being framed to have standard agreement by the builder with similar clauses so that the buyers are not cheated with clauses against them.
  6. Provision for damages for non-completion: The provision for jail term for a developer who violates the order of the appellate tribunal of the RERA is three years with or without a fine. However, even the consumer courts are taking strong action against builders where interest rate between 10.9% to 18% is answered against builder for his delay and other deficiencies.

With demonetization, the property prices are expected to fall up to 30% and the builders are facing the heat. Therefore, this Act will become a crucial tool to protect buyers.

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Managing Human Resource (HR) Laws Compliance using Technologies

Lexcomply.com enables HR departments to identify, allocate, manage and report statutory compliances. In HR function Statutory Compliances are of immense importance. In India it is not only the Central Government but also the state governments which have enacted various Acts/Laws for welfare of workmen and governing their terms of employment. Some of the labour laws are listed here-under :

1) The Employees Compensation Act, 1923 and The Workmen’s Compensation Rules 1924
2) The Child Labour (Prohibition and Regulation) Act, 1986 and the Child Labour (Prohibition and Regulation) Rules, 1988.
3) The Employees Provident Fund & Miscellaneous Provisions Act, 1952 and Employees’ Provident Funds Scheme, 1952
4) The Employee’s Provident Funds and Miscellaneous Provisions Act, 1952 and The Employee’s Deposit Linked Insurance Scheme, 1976
5) The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 and the Employees’ Pension Scheme, 1995.
6) The Employees’ State Insurance Act, 1948 And The Employees’ State Insurance (Central) Rules, 1950 And The Employees’ State Insurance (General) Regulations, 1950
7) The Employer’s Liability Act, 1938
8) Equal Remuneration Act 1976 and Equal Remuneration Rules, 1976
9) The Payment of Bonus Act, 1965 and Payment of Bonus Rules, 1975
10) The Minimum Wages Act 1948 and The Minimum Wages Central Rules, 1950
11) The Apprentices Act, 1961 & Apprenticeship Rules, 1992
12) The Employment Exchanges (Compulsory Notification Of Vacancies) Act, 1959 and Employment Exchanges (Compulsory Notification Of Vacancies) Rules, 1960
13) The Punjab Labour Welfare Fund Act, 1965 and The Punjab Labour Welfare Fund Rules, 1966
14) Inter State Migrant Workmen (Regulation Of Employment & conditions Of service) Act, 1979 and Haryana Inter State Migrant Workmen (Regulation Of Employment & conditions Of service) Rules, 1981
15) The Punjab Shops and Commercial Establishments Act, 1958 and The Punjab Shops and Commercial Establishments Rules, 1958
16) Payment of Gratuity Act, 1972 and Haryana Payment of Gratuity Rules,1972
17) Payment of Wages Act, 1936, Payment of wages (Haryana Amendment) Act, 1985 and The Punjab Payment of Wages) Rules, 1937
18) The Minimum Wages Act 1948 and & The Punjab Minimum Wages Rules 1950
19) Contract Labour (Regulation And Abolition) Act, 1970 and Haryana Contract Labour (Regulation And Abolition) Rules, 1975
20) The Factories Act & Haryana Factory Rules

And these laws are dynamic and are changing on day to day basis. Non compliances may result in monetary penalty; closure of business operations or imprisonment. So e-HRM(Compliance) tools like LexComply.com generates due date, event based and ongoing compliances on its own hence chances of non-compliance go down.

Hence HR function can use e-HRM solutions to de-risk an organization from negative impact arising out of exit of key employees, high employee turnover and impact of regulatory non compliances.

For more details and demo please contact at info@lexcomply.com or visit at http://www.lexcomply.com