Real Estate Bill Expected to Protect Consumers from Unethical Builders
The real estate bill is likely to usher in a new era of protections for flat owners and prospective buyers by addressing unethical and unscrupulous practices among builders. This significant legislation is set to be introduced in the forthcoming parliament session.
Prospective Buyers Finally Have a Reason to Rejoice
Prospective buyers finally have a reason to celebrate, as the real estate bill, expected to be passed soon, aims to curb unethical practices by unscrupulous builders. Experts believe that stern punishments for fraudulent behavior will eradicate such practices from the industry.
Real Estate Sector and Its Outward Appeal
The real estate sector often seems attractive due to its role in reshaping cities. However, once the bill is passed, developers may face stricter regulations, including potential jail terms for fraudulent activities. Despite builder requests for monetary fines instead, no decision has been made yet.
A Boon for Different Classes of Buyers
The bill will particularly benefit middle and lower-class buyers, who face difficulties due to high prices and unethical practices. This legislation aims to alleviate their burdens significantly.
Mr. Ramesh Prabhu's Opinion
Mr. Ramesh Prabhu, a consumer activist, expresses that owning a home has become challenging due to developers' unscrupulous practices. However, with the bill's enactment, real estate transactions are expected to become more transparent, safeguarding buyers' interests.
Key Provisions of the Real Estate Bill (Regulation and Development)
Under the Real Estate Bill (Regulation and Development), developers will be required to disclose all details, including contractual obligations, to buyers before any property transaction. Additionally, builders must register projects before development, adhere to timelines, and display project statuses, clearances, and approvals. All these measures will make property transactions more comfortable for buyers.