NEW DELHI: The Rajya Sabha passed the Real Estate Regulator Bill, which will help regulate the sector and bring in clarity for both buyers and developers. Here are 10 things you should know about this bill, touted as a key reform measure in the vast real estate sector.
1) It establishes the State Real Estate Regulatory Authority for that particular state as the government body to be approached for redressal of grievances against any builder. This will happen once every state ratifies this Act and establishes a state authority on the lines set up in the law.
2) This law vests authority on the real estate regulator to govern both residential and commercial real estate transactions.
3) This Act obliges the developer to park 70% of the project funds in a dedicated bank account. This will ensure that developers are not able to invest in numerous new projects with the proceeds of the bo ..
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http://economictimes.indiatimes.com/articleshow/51344872.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Related article: http://observer.com/2016/03/uptown-girls-hanging-out-with-bonnie-and-ronnie-real-estates-most-adorable-duo/
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