The
Central Government is working on the Real Estate Regulation and Development
Bill to protect buyers / Investor and increase transparency.
The Bill would
establish a regulatory authority to ensure accountability, fair practice, and
fast-track dispute resolution.
Its
major provisions are...!:
** Builders or / promoters should register all projects with the
state regulatory authority.
** Builders or promoters need to commit & adhere to the
completion timeframe announced.
** Builders must deposit 70% of the money in a separate bank
account and use it solely for the intended purpose.
** Developers can launch projects only after acquiring all
clearances.
** Misleading advertisements by builders with site pictures are
punishable.
** Non-compliance by builders will incur a huge penalty and jail
term.
** All real estate property brokers must obtain a licence to
conduct business.
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