Government finally thinking of Real estate Regulatory Bill
The central government is finally planning to introduce the Real Estate Regulation and Development Bill.
According to an official, housing ministry has drafted the bill and hoping to place the bill in the current session of the parliament.
This will bring good news to the home buyers of the country in terms of transparency and trustworthiness.
However with a recent opinion of the law ministry, it is expected that the regulatory bill will enforce the set up of a regulatory authority for all the states.
The bill might make it mandate of keeping 70% of the received funds for the same projects only.
Also the registration of the project will be made compulsory before starting the sale of the apartments.
Also delay in completion of the projects will be considered as a serious offense in the proposed bill and a consumer can ask for full refund with interest.
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Source : Money Control
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[...] Government finally thinking of Real estate Regulatory Bill [...]
[...] Government finally thinking of Real estate Regulatory Bill [...]