one more sector that's going to be regulated by the govt. is Real Estate sector which has been much talked notoriously about its frauds.
The Real Estate (Regulation and Development) Bill 2013,approved by union cabinet,expected to be tabled in Parliament in the monsoon session, proposes setting up a real estate regulatory authority in every state to decide on consumer complaints.
Salient Features:
1.all builders working on projects where the land exceeds 1,000 square metres will have to register themselves with the regulator before launching or even advertising their projects.
2.A false advertisement that shows the site or building as more developed than it actually is would attract a penalty of up to 10 per cent of the project cost.
3.Developers can launch projects only after receiving all statutory clearances.
4.The bill promises buyers refund with interest in case of inordinate delays.
5. real estate appellate tribunal to adjudicate disputes and a national advisory council to advise the regulator.
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