Dear friends,
In order to regulate real estate, government has prepared draft of Real Estate (Development & Regulation) Bill 2011 (copy attached) for public comments. The Bill inter-alia provides for:
- Formation of Real Estate Regulatory Authority under the Act
- Mandatory registration of builders with the Authority (only after acquisition of land for the project)
- Use of money received from allottees only for project work
- Release of advertisement of the project only after filing with the Authority
- Compensation in case of wrong advertisement
- Mandatory agreement between builder and allottee in prescribed form
- Payment of interest by allottee in case of delay in payment
- Separate judicial machinery to deal with disputes
Regards,

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