Major highlights of Real Estate Regulation Bill - Will it bring down property prices?
It has been 5 yrs when the first draft of Real Estate Regulatory Bill came and then there were many amendments in it over the years. However on 4th June 2013, it was passed by cabinet and now the next step is to table it in parliament this monsoon season and if our country people are really lucky, it may finally become an ACT of law.
Some major highlights of the Real Estate Regulation Bill
1. Mandatory to acquire all clearances before the launch
2. Use of Photograph of actual site for advertisements
3. Sale of property as per prices linked with Carpet Area
4. State Level Regulators and central appellate tribunal to be set up
5. Real Agents/Dealers needs to register themselves
6. Separate bank accounts for every project
7. Builders cant take more than 10% advance without a written Agreement
8. Full refund with interest, if property not handed over time
It will be difficult to guess if this will help bring down the property prices, but it will certainly bring in more transparency in the Real Estate business and help buyers keep themselves well informed.
It has been 5 yrs when the first draft of Real Estate Regulatory Bill came and then there were many amendments in it over the years. However on 4th June 2013, it was passed by cabinet and now the next step is to table it in parliament this monsoon season and if our country people are really lucky, it may finally become an ACT of law.
Some major highlights of the Real Estate Regulation Bill
1. Mandatory to acquire all clearances before the launch
2. Use of Photograph of actual site for advertisements
3. Sale of property as per prices linked with Carpet Area
4. State Level Regulators and central appellate tribunal to be set up
5. Real Agents/Dealers needs to register themselves
6. Separate bank accounts for every project
7. Builders cant take more than 10% advance without a written Agreement
8. Full refund with interest, if property not handed over time
It will be difficult to guess if this will help bring down the property prices, but it will certainly bring in more transparency in the Real Estate business and help buyers keep themselves well informed.
