Government realizing its time for a transparent property market!

Indian government has recently approved setting up of a regulator to protect home buyers and improve the credibility of the real estate sector with a Real Estate (Regulation and Development) bill to create a uniform regulatory mechanism across India. The bill seeks to ensure accountability and transparency to enable the real estate sector to access financial markets essential for its long-term growth. More disclosures are demanded from developers and there are penalties attached in cases of violations. As per official statements, Real Estate (Regulation and Development) legislation is expected to give a boost to the Housing for All mission by enabling increased flow of investments through enhanced transparency, accountability and standardization.
States also need to make rules within one year and put in place a web-based online system for submitting applications for registration of projects, and the regulator has to decide cases within 60 days. Real estate developers, both in the residential and commercial sectors, will be required to register their projects with the regulatory authority. Promoters will have to disclose all information regarding ownership, project plan and layout, development schedule, land status, status of statutory approvals, proforma agreements, names and addresses of real estate agents, contractors, architects, structural engineers and so on.
Real estate developers and agents can be punished for non-compliance of the orders of the regulatory authority and appellate tribunals to be set under the proposed law. Whether a great move for transparency and governance only time can prove, a bold initiative nonetheless.

Leave a Reply

Your email address will not be published. Required fields are marked *

PS PHPCaptcha WP

You may also like:

Listing

Best PG for boys in Gurgaon- Shree Durga PG in Gurgaon

Our PG Accommodation for Boys is available in different segments of Gurugram where we give Food also. We furnish clean nourishment with a spinning 10 days menu dinners 3 times each day. Get the best boys pg accommodation nearest to your office or work place at very affordable prices. We have the finest rooms to […]

Read More
Listing

Tulsiani Luvnest – Apartments in Vrindavan Yojna, Lucknow

Rishita Manhattan condominium with rich specifications at unbelievable pricing waits for you this Navratri. Call for special deal for one of the residential project developed by Rishita Developers located in Lucknow. The project offers spacious and skillfully designed 2BHK, 3BHK and 4BHK apartments well equipped with all modern amenities to facilitate the needs of the […]

Read More
Listing

Residential and Commercial Flats in Coimbatore – 1BHK, 2BHK, 3BHK Flats in Kalapatti

Mount housing a leading provider of residential apartments, flats, villas and commercial buildings with all the amenities at a reasonable cost in and around Coimbatore.

Read More