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The Government is working on the Real Estate Regulation and Development Bill to protect buyers and increase transparency. The Bill would establish a regulatory authority to ensure accountability, fair practice, and fast-track dispute resolution.
Its key provisions are:
Builders should register all projects with the state regulatory authority.
Builders need to commit and adhere to the completion timeframe announced.
Builders must deposit 70 per cent of the money in a separate account and use it solely for the intended purpose.
Developers can launch projects only after acquiring all clearances.
Misleading advertisements by builders with site pictures are punishable.
Non-compliance by builders will incur a huge penalty and jail term.
All property brokers must obtain a licence to conduct business.
Also read: Wronged by a builder? Assert your rights
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