A Real Estate Regulatory Authority is likely to be established with the Real Estate (Regulation and Development) Bill, 2011, whose draft was made public by Union Minister for Housing and Urban Poverty Alleviation Kumari Selja here.
New proposed property laws for builders is going to be a boon for new buyers as now it is going to make registration of builders, adherence to approved plans and refund of funds in cases of default will get to be mandatory under a new law that the Government intends to usher in a new era of “accountability and transparency” in land selling and housing transactions.
As soon as the law comes into force, no promoter or builder will have the opportunity to develop any immovable property without registering the genuine estate project and obtaining a registration certificate that came from the proposed authority.
The proposed law also features a provision asking the promoter to compulsorily deposit a portion of funds received from the allottees within a separate account with a bank, for use for that project only.
As soon as the promoter registers his project, the firm/ their owners can asked to start an internet account, using this all of the necessary documents need to be sent towards the authority office, which will further verify them.
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