The central
government plans to bring unorganised property agents and brokers under the
ambit of the proposed real estate regulator, imposing stringent penalties
including imprisonment on those who dupe buyers or operate without a valid
registration.
A chapter on real estate agents in the Real
Estate (Regulation & Development) Bill will bring in the much-needed order
in the segment. The draft bill already includes a provision for imprisonment of
up to 3 years, or a penalty of up to 10 per cent of the cost of project, for
builders / promoters / developers selling projects without registration. Real
estate industry bodies have termed the bill draconian & made
representations against the provisions of imprisonment & fine, but the
imprisonment clause has been retained.
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