A draft bill on real estate regulator that will protect the interest of home buyers by ensuring a transparent and healthy real estate sector has drawn the anger of developers.
According to Mr. Kumar Gera, Chief-CREDAI, “The government is trying to play nanny to the home purchaser”.
According to the new bill, a builder will have to register a project with the regulator before he does marketting for the properties. For this, the builder will have to submit a documentary proof of land ownership and the mandatory licenses for registration.
After verification only, the entire information about the project will be available on the regulator’s Website that will be accessible to common people. The regulator will also scrutinize the advertisements and names of brokers.
This process will make certain the legitimacy and the viability of the project, ending the current practice of realty firms launching projects without land ownership or mandatory approvals that leads to buyers getting stuck with fake projects.