Real estate regulator likely to become a reality

Housing ministry plans to introduce real estate regulator in the Cabinet. The regulator is expected to curb the illegalities in the realty sector.
Maken to seek cabinet - approval of real estate regulator bill.

Maken to seek cabinet – approval of real estate regulator bill.

Realty sector may get a cleansing if the union government sets real estate regulator to control the sector. The regulator is believed to be stiff towards unscrupulous builders.

Under the real estate regulatory bill the builders will be put into jail in circumstances of proved misbehavior. They will not be allowed to put any advertisement about their projects before they get the approval from the regulator.

Despite the opposition of the realty developers, the housing ministry is all set to implement real estate regulator bill to safeguard home buyers from unscrupulous builders. The bill is expected to be passed in the current parliament session. Continue reading

Black Money in Real Estate Ruins Indian Economy

Indian Economy is highly influenced by real estate. The black money existing in the real estate harms the Economy of India. MHUPA’s regulatory bill will act as a means to reduce the play of “black money” existing in the real estate.

Many real estate developers demand payment in cash at least up to 30 % of the total amount. This denotes to the existence of Black money in real estate industry. The existence of Black money costs India tax worth billions of rupees.

India government is to bring Legislation which will assure more transparency to the real estate dealings. This legislation will be discussed in parliament’s winter session. Continue reading