Property developers have expressed outrage at draft proposals for a new law to regulate India’s real estate sector.
The law, which is designed to bring the property industry under the control of a regulatory authority, is facing resistance from developers who are unhappy about what they anticipate will be a regulatory noose. The authority is expected to require developers, real estate agents and brokers to be registered and rated according to their performance. The new regulatory body will also have the power to inspect documents and ensure that no deposit is taken without an agreement of sale, no mortgage issued without consent, and that all developments adhere to approved plans and specifications.
Developers will have to register their projects with the regulator, providing documents including proof of land ownership and mandatory licences. Once verified, all the project details will be published on the regulator’s website. A tribunal will also be created to handle complaints. Violations of the new regulations will result in severe penalties. For example, commencing construction or the development of land without project registration could result in jail terms of up to three years and substantial fines.
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