1) The developers will have to deposit _____ collection of sale proceeds in an escrow account, which will be utilized for the land cost and construction related projects. Fill in the blank.
a) 60%
b) 70%
c) Three- fourth
d) 50%
2) The bill provides for time bound resolution of disputes by both appellate tribunal and regulatory authorities within how many days?
a) 60
b) 30
c) 45
d) 15
3) There will be prohibition on developers from changing the plan of construction unless ____ of the allottees have agreed to it. Fill in the blank.
a) 1/3 rd
b) 3/4 th
c) 1/12 th
d) 2/3 rd
4) Which one of the following statements is incorrect in context of the bill ?
a) It provides for state level real estate regulatory authorities and appellate tribunals.
b) Commercial real estate has been excluded from the purview of this bill.
c) 'Carpet area' will form the basis for purchase of the houses.
d) Projects with minimum plot area of 500 sqm or 8 apartments need to be registered.
5) For how many years, the builder would have the responsibility for fixing structural defects after transferring the property to the buyer?
a) 4 years
b) 10 years
c) 7 years
d) 5 years
Answers:
1) b
2) a
3) d
4) b
5) d
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