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Friday, May 27, 2011

Realty deals set for transparency dose

Real Estate Regulation Bill headed for Parliament

Bill will set the tone for housing reforms

              The Much- Awaited Real Estate Regulation Bill, 2011 is set to be placed before Parliament in its upcoming monsoon season.
              The Bill is aimed at regulating the country’s real estate sector, providing protection to home buyers from the shenanigans of erring developers.
              More importantly, it is expected to usher in transparency into opaque real estate transactions.
              The draft is almost final now. It is a matter of just a few days to fine- tune it. After that it will be sent for ministerial consultations and Cabinet approval,” a senior urban development ministry official.

              REGULATING REAL ESTATE

  • The legislation aims to provide protection to home buyers from erring developers
  • It has provisions that protect buyers from fly- by- night developers, false advertisements, mis- selling of projects and undue delay in project completion
  • The Bill makes it compulsory to mention the actual carpet and built- up areas in the advertisement
  • It provides for heavy penalty if the developer is found guilty of cheating the buyers
  • It also provides for promoting housing for the urban poor by making it compulsory for developers to provide some portion of project townships for the lower income group