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- Coming, a watchdog for real estate deals
As you have suggested, appointing a real-estate regulator will definitely help to keep a check on haphazard development and make developers accountable to buyers. The move will bring greater transparency in the sector.
Considering the same, Urban Development Ministry is planning to bring watchdog for real estate deals. However, it wants all states to have their own real estate regulator. Indeed, some states have already sought a copy of the final draft bill from the ministry to follow the same.
Quoted below is an excerpt from a news snippet that sheds considerable light on the new law to be implemented for bringing real estate regulator(s).....The new law would also cover all stakeholders. Under it, a mechanism will be set up to ensure that buyers get their apartments in time and builders deliver the quality promised. There would be a provision enabling a buyer to get compensation from the builder if certain conditions were not met.
The regulator will ensure that apartment complexes have adequate basic facilities like play*grounds, parking space and proper supply systems and will set basic standards for all builders. Violation will invite punitive action.
Now, real estate enthusiasts have to just wait for the proposed law to be introduced in Parliament.CommentQuote0Flag
- Thanks for the insight !!!CommentQuote0Flag