Chandigarh: A new legislation proposed by the Haryana Town and Country Planning Department will soon regulate the development of properties in Haryana. The Haryana Town and Country Planning Department has proposed that the Haryana Real Estate Regulatory Authority should regulate properties over 1000 sq.mts or projects consisting of more than 12 buildings. This is mainly to protect the interest of the common consumer and also for planned development. An Appellate Tribunal would also be established to adjudicate disputes on the decisions or orders of the Authority.If the legislation is enacted, promoters will have to first register with the Haryana Real Estate Regulatory Authority to carry out any activity related to an immovable property. This means before the promoter can sell, book or purchase a property he will require the permission of the Haryana Real Estate Regulatory Authority for the deal. However this only applies to properties with an area of more than 1000 sq.mts or projects about to be developed consisting of more than 12 apartments. The act will not be enforced on promoters who have received occupation certificate or completion certificate prior to the enactment. It will also lack validity in the case of renovation or redevelopment which does not involve marketing of the property. However if the project has to be developed in phases then the promoter will require to register for each phase. The act is applicable on real estate agents as well.The legislation also states that the promoter cannot accept more than 10 % of the total amount of the property as an advance without first signing a written agreement with the person looking to purchase the property. The promoter has to develop any proposed project in accordance with the plans sanctioned by the competent authority. If the promoter fails to deliver the apartment or the plot according to the terms of the agreement then he shall be liable to return the amount received by him as a payment for that apartment or plot. As a penalty of failure, an interest determined by the Authority will also be levied on the original amount.займ на карту без отказов круглосуточновзять кредит онлайн