Highlights of the regulatory bill
Register with the regulator: A developer will have to register his project with the regulatory authority before advertising it or selling apartments. The application for registration will be done only after all approvals are in place
Registration of real estate agents: Every real estate agent will have to register with the regulatory authority before selling a project. The agent will get a registration number which he will have to quote while facilitating any sale or purchase
Developer’s webpage: Once registered, every developer will get a login identity and password to create a webpage on the authority’s website and update the status of his projects on a quarterly basis.
Advance payment only after sale agreement: A developer will only accept advance payment, ie, 10% of the apartment’s cost, after first entering into a written and registered agreement for sale with a homebuyer
Authority to decide every case in 60 days: If any dispute is raised before the regulatory authority, it will be disposed of within 60 days. In case of delay, the authority will have to give reasons for it