Real estate regulator bill is likely to become a reality soon. The housing ministry has planned to present the real estate regulator bill in the cabinet for its approval.
Home buyers as a whole were expecting the implementation of real estate regulator in the budget 2013. However as against their hope, the bill was not implemented. But now there are again rays of hope for the home buyers as housing ministry has decided to go ahead with the real estate regulator bill.
The bill is expected to protect the home buyers from the scrupulous builders. The regulatory bill, once gets through all the approvals, will definitely put a rein on the unscrupulous builders. The bill holds the provision to send such builders to jail even.
Under the real estate regulatory bill, the developers will have to register all their projects in front of the regulator. The developers can advertise their projects or receive cash from the buyers only after gaining all necessary approvals.
Numerous complaints have been received against the faulty developers. Among these complaints, main complaint is related to the false approvals. Many builders trap the buyers by claiming all necessary approvals, even when they do not have many of them.
The consumer-friendly regulator bill has been on pending since 2009. It has not yet come up due to uncountable reasons. Though the housing ministry head Ajay Maken said that he will introduce the bill in the cabinet for the approval, the buyers still remain hopeless. Mostly, they are not sure of the bill or do not have sufficient faith in the government.
Housing ministry plans to get the cabinet- approval in the ongoing parliament session. This is well-focused on the general polls which will take place next year.
Under the bill every state will have its own real estate regulator. Besides the developers, the real estate agents also will have to register with the regulator.
