New Delhi: Finally the Government has come up with a piece of good news for the Indian realty sector. A bill to protect the prospective buyer from fraudulent realtors has been proposed by the Government. In accordance to this act a Real Estate Regulatory Authority will be set up to protect the interest of the property seekers from across the nation. This regulatory body is expected to be established for each and every state.This measure will bring in more transparency into property transactions. Developers will have to put down a clear cut details about the project under construction, cost, timeframe of completion and other such essential information before advertising the project to the buyers. This will help develop mutual understanding between the developer and buyer.
Moreover this bill will safeguard the interest of Developers as well. Buyers who default on paying the amount due for the Builder projects are liable to pay a heavy fine in this regard.
Thus the real estate bill, to be passed at the earliest, will create a better environment for the Indian real estate sector to flourish with scope for full fledged development in the future.