Unorganised property agents to be regulated
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
builders selling projects without registration, Draft bill, Indian real estate, LIcense, Ministry of Housing and Urban Poverty Alleviation, Penalty, property brokers, Real Estate (Regulation and Development) Bill, Realty brokers, unorganised property agents
[...] Unorganised property agents to be regulated [...]