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A new draft regulation on real estate development states that developers cannot, under any circumstance, extend the delivery date of houses by more than 20 percent of the original delivery time agreed upon with the client. The previous draft tabled for discussion in 2013 set the time limit at 50 percent.
The draft Residential Housing Development and Transaction proclamation, recently tabled for discussion by the Ministry of Urban Development, Housing and Construction, further states that under no circumstance can a real estate developer transfer a house that is not at least 70 percent completed.
Many real estate developers have been heavily criticized for shoddy construction, poor design, an ever-increasing price hike, which soars up to twice the original price, along with waiting times that sometimes go well above a decade.
The proclamation further states that the party requesting for an extension will be liable for damages sustained.
The draft proclamation also reveals that real estate development licenses will remain valid only if developers for complete projects on schedule.
Moreover, it notes that the “urban/ regional administration may, where it finds sufficient reason, can only renew the license for an additional year upon the request of the developer.”
The proclamation also forbids real estate developers to make announcements about their construction projects through any kind of mass media, or through any other activities nor does it allow them to register clients and collect down payments before receiving title deeds of the land from the appropriate body.
In addition, developers can not register buyers beyond the accommodating capacity of the land they obtain.
The proclamation further indicates that any contract of sale made between a real estate developer and clients for the construction and delivery of houses will have to be submitted and authenticated by the appropriate government entity – a practice that is not currently applied.
According to the draft proclamation it will also be a requirement for the real estate developer to provide genuine copies of title deeds issued by the appropriate and authorized government entity and a building permit along with the real estate development license.
The draft proclamation that was expected to be approved before the end of this fiscal year indicates that all real estate developers operating currently should get a new license in accordance with the proclamation by having their projects registered within one year from the publication of the proclamation in the Negarit Gazette.
“Each project shall be registered and obtain license independently where such project is carried out in phases and at different places,” the proclamation further reads.