HOW CONSUMERS WILL BENEFIT
COMPLAINTS: Consumers can approach the real estate regulator. No need to make rounds of consumer or civil courts
REGISTRATION: Any project — commercial or residential — built on over 500 sq. mt or 8 apartments has to be registered before launch. Penalty up to 10% of the project cost, repeat offence could land developer in jail
FUNDS: Developer will have to put 70% of money collected from a buyer in a separate account to meet construction costs. Will stop developers from diverting buyer’s money to new projects
PRICES: New law will bring more investment, leading to more units, and, in turn, stabilise prices
COMPLETION: Rules will be ensure construction is completed on time
AREA: Usable spaces like kitchen and toilets will be mentioned imparting clarity
REPAIRING: Developer’s liability to repair defects increased to 5 years from two.