High­lights of the reg­u­la­tory bill

HT Estates - - FRONT PAGE -

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

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