Regulatory Authority For REALTY - looking fwd. for take off

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Centre v State Not Two Opposites OR Poles Asunder
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Urgent need to adopt a regulation authority in real estate industry

Q

By Accommodation Times News Service

The real estate sector is an urgent need of a regulatory body which monitor the mal practices and loopholes that rotates in the market. The real estate industry is very heterogeneous and wide, and hence since to manage it there should be some authority to moderate. Unlike from here there are very strict laws in the foreign countries. Before any property is placed in the market for sale certain very important things should be cleared such as the title of land has to be clear and fully paid up, building plans has to be approved by the authorities for development, the financial status of the builder has to be assessed as no project once approved can be abandoned other than on force conditions, once the developer fulfills the above three conditions only then is he granted a license to announce the projects. Whenever a developer announce a project he needs to clearly specify the rates for sale for covered area only. No super area/hidden cost can be demanded other than the set price. Completion period with pre-determined date for completion and handing over, there can be no variation in sale price between two customers. Legal expert says delay in deliveries is a common practice in our country by some builders and the main problems starts when the implementation stage comes as all these are obviously legal provisions are similar here too.  They also say that nowadays  pre-launching has become a new trend of the developers which is actually a crime as developer can’t advertise or sell his project before he gets all the sanctions.

Hence keeping all this factors in mind and hope soon the Real Estate Regulatory Bill which is pending in the parliament will soon be in action

UQ