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Unorganised property agents to be regulated

1 Comment Sub Category:Delhi-NCR,Realty News Posted On: Sep 13, 2012

The government plans to bring unorganised property agents and brokers under the purview of the proposed real estate regulatory bill.

According to sources in Ministry of Housing and Urban Poverty Alleviation, a chapter has been included on real estate agents in the Real Estate (Regulation and Development) Bill.

Unlike most nations, property brokers in India do not need to register or operate through a licence. The ministry regards it vital to regularise the agents.

The draft bill already includes a provision for imprisonment of up to three years, or a penalty of up to 10 per cent of the cost of project, in case of builders selling projects without registration. Real estate industry bodies have termed the bill draconian and expressed ire over the the provisions of imprisonment and penalty.

To read more real estate news:

CREDAI wants Prime Minister’s intervention to reform regulatory bill

One Response to “Unorganised property agents to be regulated”

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