Centre to regulate the real estate sector
The Center has finalized a central law to regulate India’s growing real estate sector and prevent realtors from targeting property buyers through unfair practices.
The law ministry has cleared the draft of the Real Estate (Regulation & Development) Bill, proposed by the housing and urban poverty alleviation ministry.
The bill proposes the setting up of a Real Estate Regulatory Authority in every state. The proposed regulatory authority will be headed by a chairman and two members — to be appointed by the state government concerned.
The bill includes proposals that all builders working on projects where the land exceeds 1,000 square metres will have to register themselves with the regulatory authority before launching — or even advertising — their projects.
Also they have to submit project details such as permitted layout plan, timeline, cost, and sales agreement to the proposed regulator.
Failure to do so will call for maximum of three years’ imprisonment or a fine of up to 10% of the project cost.
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