New Delhi: Private real estate developers who cheat buyers by publishing misleading advertisements may soon land up in jail. Though the legislation which will make this possible is yet to be passed but the Union Cabinet is considering it and Housing Minister Ajay Maken may just convince the Cabinet to pass the legislation which had been lying around since 2007. The upcoming election can be a big motivator for the housing minister to be interested in getting the legislation passed.The proposed law will have certain provisions such as:
- Private builders will have to sell houses on the basis of carpet area and not on the basis of super built up area which is often vague and overstated.
- Developers will have to open separate bank account for every new project and all the expenses for the project should come from that particular account. The money gained from the project will also have to be kept in that bank account
- Projects can only be launched after the developer has procured all the necessary clearances from the authorities. Selling the property will also depend on the same clause.
- Developers cannot take money from buyers unless they get all the permits for construction of the project.
- Builders are barred from putting up advertisements of the project without submitting the details of the project and the compulsory clearances with the website of the regulator.
- Developers will have to produce actual photographs of the site as they are. If not then they can be penalized of an amount of up to 10% of the project cost or they can even be jailed.
The Registration Act, which is often accused of being the root of all illegalities in case of real estate dealings will also be amended soon and will be open to general public viewing. займ на карту без отказов круглосуточновзять кредит онлайн