Real estate bill is likely to protect flat owners and prospective buyers from the unethical and unscrupulous builders. The real estate bill is expected to be presented in the upcoming parliament session.
The prospective buyers can rejoice finally. They have got a reason to do so as real estate bill is expected to be passed in the upcoming parliament session. It is expected to restrain the unethical and unscrupulous builders from looting the flat owners and buyers.
In the opinion of the experts, harsh and corporal punishment to the builders for fraud behaviors will remove all unethical and unscrupulous practices from the industry as a whole. Real estate sector looks so fine and attractive from outside as it gives new shapes to the cities.
However once the real estate bill is passed, the real estate developers may not be as happy as they used to be. The new real estate bill has provisions to punish the unscrupulous builders for proved fraud behaviors in the industry. Though the builders have demanded for monetary punishment in place of jailing, the decision has not yet been taken.
On the other hand the Bill will give reasons to smile to the buyers of all classes; including middle and lower classes, who find it very hard to buy any property now. Though the main block for them is the skyrocketing prices, the unethical and unscrupulous practices of the builders add to their burden.
Mr. Ramesh Prabhu, a consumer activist said that it has become a titanic task to own a home because of the unscrupulous practices of the developers. However with the sanction of the Bill the real estate transactions are expected to become more transparent protecting the buyers’ interest.
Under the real estate bill (Regulation and Development) the developers are to disclose all the details, including contractual- obligations, to the buyers prior to all property transactions.
Additionally the builders have to register before the development of any projects and have to abide by the timeline. All the more they are to display the status, clearance level and approvals of each project. All these will make the buyers more comfortable with their property transactions.