Developers
will be prohibited from advertising or /
marketing their projects before getting all the necessary clearances and
obtaining a certificate of registration from the authority .Says Mr. Ganesh
Vasudevan, CEO, Indiaproperty.com: Developers will not be able to collect funds
from buyers before they have obtained all the necessary approvals.
The
Real Estate Bill states that if any developer willfully fails to comply with or
/ contravenes its provisions, he will be
punished with imprisonment for up to three (3) years, or / a penalty that may extend to 10 % of the
estimated cost of the project, or both.
Mr.Ganesh
Vasudevan informs that the developer will have to compensate the buyer who
incurs a loss on account of advance payment based on false information
contained in the developers advertisement.The regulatory authority will
determine the compensation amount, he adds.
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