Real estate regulatory bill will stop misleading buyers
The Union ministry of housing & urban poverty alleviation has prepared the draft of the real estate regulatory bill.
The proposal in the draft will encourage the builders to promote clarity regarding the project information.
The proposed draft also ensure that builders will concentrate about timely project completion, failing which penalties will be imposed.
Failing to comply with key provisions in a project will be a punishable offense in which Punishment of up to 3 years in prison or/and penalty of up to 10% of the project cost will be imposed on the builder.
Registration of real estate projects and agents with the real estate regulatory authority will be made mandatory in the bill.
Source : Business standard
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