New Delhi: The Housing Ministry is trying hard to bring the real estate regulator bill to guard the homebuyers from the deceitful real estate developers. Private developers and builders are strictly against this regulatory bill. Housing Minister said that before the regulatory bill is introduced in the parliament, it will be first discussed among the cabinet.The government is planning to set a tough regulator for the real estate sector. Strict action will be taken against the provisions that deceive the customers. Worst scenario could be even a jail term if a developer put up a misleading or fallacious advertise about his project.According to the Housing and Urban Poverty Alleviation Minister – Ajay Maken, the current regulator will also permit the developers to launch the project only after it has attained the statutory clearances from the appropriate authorities. He also added that before starting the construction, the developer has to submit all relevant approvals to the regulator and it will also be exhibited on regulator’s website.The other provisions that the new real estate regulator bill focuses on are:
- The pictures or photos of the project which the developers use to attract prospective homebuyers should be depicting the actual project rather than fake images of housing projects of foreign countries.
- The builders are not allowed to collect money from the homebuyers before achieving the appropriate clearances.
- Factors that cause delay in project or cost appreciation and trouble the innocent buyers will be strictly taken under consideration.
- It is mandatory that the real estate developers reveal their project details like the carpet area, open space area, amenities, facilities and necessary requirements on the regulator’s website to maintain clear and principled business rules.
- The regulator will take action if there is a variation between the actual project and the details disclosed by the developers on the website.
Apart from these there are many other consumer- friendly provisions that will be considered in this bill.The regulator bill is expected to be presented during the budget session of the Parliament. Hopefully, the regulator bill is projected to be enforced before 2014’s general elections.займ на карту без отказов круглосуточновзять кредит онлайн