Licences for real estate brokers proposed in the new bill by UP Govt
In order to protect the consumers from getting hurt, the UP government is planning to come up with a new law that will tighten the noose around fraudulent real estate agents. It is said that under the new law, dealers are required to register themselves with a local government body and obtain a license for practicing. A government official on conditions of anonymity said from Lucknow, “Once the draft bill is ready, it will be approved first by the cabinet and then passed by the legislative assembly to make it a law.”
Lately, with the boom in real estate, especially in areas like Noida, Greater Noida and Yamuna Expressway, there have been a charge number of cases where the consumers have been hurt by “non-genuine” agents. The official further added, “Usually police do not entertain such cases or have no means to bring the fraudsters to book. The bill will ensure that interests of the common man are protected stringent action is taken against unethical dealers.”
The draft of the bill states, “The district magistrate or any other top official in each district will be appointed as the nodal officer, who will issue licences and address grievance of buyers against erring agents, who, in the absence of any regulatory authority go scot-free in case of cheating or poor services.”
Realty experts are of the view that this decision will bring in more accountability, reliability and transparency for homebuyers. Mr. RK Arora, vice president CREDAI (west UP) and CMD Supertech group said of the decision, “This decision should have been taken much earlier. Strict implementation of the bill is required in order to make this effort a success.”
Amit Gupta, MD, Orris Infrastructure and member Assocham is of the view that brokers play a major role in the real estate sector and the law will lead to the suffering of the complete industry. He added, “Due to a few unethical brokers, the entire industry suffers. We hope this bill will boost the credibility of the realty sector.”
Source: The Times of India
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