No registration will lead to serious implications, Developers warned
Real Estate developers will have to be extra careful now while selling a property with the implementations of the new ordinances by the Real Estate Authority. Real Estate Authority has proposed that if a property is sold without registering than the seller may land up being incarcerated or have to pay a hefty fine. The seller in such a case will be booked with “criminal intent”. These provisions are part of the draft Real Estate (Regulation and Development) Bill 2011.
Government officials have said that this Bill will be brought up during the Winter Session of Parliament and will hopefully get it passed by the Monsoon Session. If the bill gets passed during the monsoon session than it will be enacted as a law from the second half of next year. The proposed Bill will cover only transactions pertaining to property only. The officials have also said there are proposal to set up a Real Estate Authority in each State across the country.
According to the Bill the builder or developer will first have to register with the authority. The developer has to upload information on the authority’s Web site. Also the developer has to provide all the documents required for purchasers whenever called upon to do so by the authority. However the move has not been taken gracefully by the builders they are saying that the bill is meant to find the flaws of the builders only and other concomitant issues are overlooked.
Source: Indian Realty News
Bill 2011, Builder, Developer, Government officials, Hefty fine, Monsoon session, Real Estate Authority, Real Estate Developers, Realty News, Regulation and Development, Winter Session of Parliament
