New Real Estate Bill Will Help Control Price Rise..!
by
Mr. Ganesh Vasudevan, CEO, IndiaProperty.com
The
Real Estate Regulatory Bill (RERB) approved by the Union Cabinet , in
its current form, applies to both residential & commercial
realty, and is far more comprehensive and holistic in approach,
addressing both the regulatory & development oriented aspects of
the real estate sector.
 |
| Ganesh Vasudevan, CEO, IndiaProperty.com |
The
notable features include creation of state-wise regulatory
authorities for the sector;
1.
Mandatory registration of real estate projects & agents;
2.
Mandatory public disclosure of all project details;
3.
Builders are required to deposit 50% of the amount realised towards
bookings on a project in a commercial bank account within 15 days of
receipt, and deploy the funds for construction of the project;
4.
Functioning of real estate agents will be better monitored as they
are required to register themselves with the Regulator.
5.
However the Bill does not propose any mandatory training programme or
/ certification required to operate as an agent.
6.
Also, agents are required to sell only registered projects. This will
help control price rise to a great extent.
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