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Haryana govt to set up real estate regulatory bill

1 Comment Sub Category:Cities,Delhi-NCR,Real estate trends,Realty News Posted On: Feb 06, 2013

Real estate Regulatory billThe Government of Haryana is now looking forward to set up the Real Estate Regulatory Authority so that the real estate sector continues to boom and also to prevent the unscrupulous realtors from targeting the property buyers.

According to sources, Gurgaon developers said that regulatory bill  is a complicated long procedure. This new regulation will lengthen the existing procedure and add more loops for issuing the clearance certificate.

This bill will be headed by the chairman and two other members and the authority will look into the complaints pertaining the disputes. It will also check on the matters of  related purchase and sale of  flats in housing societies.

According to reports, a provision for imprisoning the builder might take place if any one violate the sales agreement norms related to cost and time. This decision was taken by the Union Government and also declared that one year imprisonment or fine up to 5% of the total project cost will be charged against the violators.

Another law will be soon be introduced stating imprisonment up to three years or fine up to 10% of the project in case a builder doesn’t register with the authority and the project land exceeds 1,000 square metres.

WIthin few years real estate will grow up more in few place like Gurgaon, Faridabad, Rohtak, Sonipat, Panipat and Rewari due to the state’s proximity to the national capital, resulting Haryana to stock up maximum real estate projects

Related Real Estate News:

Farmers disrupt construction work in Greater Noida

Indirapuram in Ghaziabad offers investment potential

One Response to “Haryana govt to set up real estate regulatory bill”

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