Track2Realty-Agencies: The Union Cabinet on Thursday, Oct 25, once again deferred the Real Estate (regulation and development) Bill pending for approval since May last year.
The Real Estate Bill, which the government wants to introduce in the winter session of parliament, seeks to regulate the real estate business. It provide a safety net to the home buyers by providing a jail term of three years and 10% of the cost for delay in completion of the project on the realtors, builders and developers.
The Real Estate Bill, which will come up now in the next Cabinet meeting on November 1, seeks to set up a real estate authority, first of its kind in the housing sector, to regulate developers and real estate agents, requiring them to register with it and make disclosure of all projects before advertising them to attract customers. It prohibits any advance from the buyer without signing the sale agreement.
The proposed law mandates the developers or anyone engaged in the housing construction projects to disclose the carpet area, layout plan of the proposed apartments, structural design and plans for other on-site development and they cannot change plans or make any changes after the sale agreement is signed.
