The Real Estate Regulatory Bill will hopefully be passed by parliament soon, with or without amendments. Here’s the salient points and how it affects the industry: Registration Mandatory for Builders and Real Estate Agents All real estate project must register with the government, unless they are less than 9000 sq. ft. or have less than 12 apartments. Current projects that have all regulatory approvals needn’t register Such registration requires approved layout plans, commencement certificates and so on Projects can only be sold after such registration. Impact : This hurts developers. Let’s face it, none of the current lot has any concept of actual documentation before the project is sold, and “pre-launches” are common, where the developer has, for the most part, decided to build on a random plot of land and probably not even purchased it. Real estate agents too shall register. This will be fun, because the current requirement to become a real estate agent is: a pulse.… (Read On…)
[via Capital Mind]
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