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| Minister of Housing, Ms Kumari Selja |
The draft real estate Bill proposes up to 3 years imprisonment or a penalty up to 10% of the project cost, if any builder constructs projects without registering it and obtaining a certificate from the proposed Real Estate Regulatory Authority.
Builders or promoters who violate any other provision of the Bill will have to cough up fine of up to 5% of the project cost.
Minister of Housing, Ms Kumari Selja, said.“There have been unfair practices in the real estate sector and even the real estate bodies have talked about the need for a regulation…Why did the need arise…because of unscrupulous fly-by-night operators. The Bill will protect consumers' interest and we will not compromise on that. At the same time, we do not wish to put any impediments to the growth of Indian real estate sector.”
The real estate draft Bill after consultation with State governments ,Central Ministries and the real estate industry bodies will be sent to the Cabinet for approval before the winter session of Parliament.
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