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 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