Buying property is, time and again, perceived to be a hectic,
tiring and a mammoth task for the first home buyers. However, with what we have
recently got to know, the home buyers will have their half of the problematic
issue resolved.
Yes! The Housing Ministry
has approved the recommendation of parliament panel regarding the real estate
regulatory bill. You must be thinking what exactly is the real estate regulatory
bill. It is a bill that was proposed to appoint a regulatory authority in a
state/union territory to audit and supervise the activities and deals in terms
of transactions that are taking place in the real estate industry. This
monitoring will bring in more transparency and reduce ambiguity in the home
buying process for the regulatory authority as well as the home buyers.
So what exactly are the amendments made in this regulatory
bill?
According to a source, there are few amendments made in the
bill which would protect the small property buyers. It is understood that the
parliament’s panel has recommended the housing ministry to cover the housing
projects on area below 1000 Sq.m in the proposed regulatory bill.
If you are confused about what is the objective of this
regulatory bill, then read further to know about it.
The bill seeks to appoint/establish a regulatory authority
in the real estate so as to regulate and promote the industry and also
contribute towards the sale of the real state properties like plots, apartments
or buildings with complete efficiency and
transparency and to protect the consumers and end buyers of the real estate
sector. The authority shall also cater to the appeals about the discussions, decisions and orders
through the establishment of an appellate tribunal.
However, it is mandatory for the builders and developers to
disclose all the details regarding the projects that are registered with the
authority. Also, the promoters or agents must not alter the information while
selling or promoting the project.
So, all the home buyers out there! Here is something more
for you! Bring your dream home closer to reality! Start exploring…
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