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Real Estate Regulatory Bill Benefits Home Buyers

Here Home Buyers need to understand the regulator will take around a year before it becomes a law.

What’s in-store for Home Buyers?

  • Each residential or commercial project has to be registered under this act
  • Home buyers get access to all the approvals and crucial documents
  • All ongoing projects without completion are also to be covered
  • Now builders need consent from 2/3rd of existing customers to change project layout
  • Builders need to deposit 50% of the amount to escrow account within 15 days
  • Timely project completion or penalty for the builders who delay possession
  • Builders can launch the residential project only after obtaining all the clearances.
  • The carpet area and not the saleable area will be the unit for selling and enticing
  • Turnaround time for decisions on complaints will be within 60 days

Here are some more related articles to read:

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