Real estate bill comes into force in Rajasthan, ACS Sharma to head the regulatory authority
Jaipur: The state government on Monday implemented Real Estate Regulation and Development Bill in Rajasthan.
The law will protect the rights of home buyers and put several restrictions on builders to curb property-related crimes and to ensure timely completion of housing projects.
The buyers will now be able to act against builders who don’t give possession of properties by the end of promised deadline.
With the urban development and housing department issued a notification on Monday, the real estate bill has come into force.
UDH additional chief secretary Mukesh Sharma will head a regulatory authority. The builders will have to register with the authority within the next 90 days.
The authority will be able to take action against builders and developers who don’t meet conditions and promises made in the brochures and other advertising material used for the marketing of a housing project.
Builder will have to register a housing project with the authority.
Developers will now submit all relevant details to the authority like various milestone for the completion of the project, what type of project it is and where it will come up, how much the project cost is.
Builders who are found guilty of not meeting these conditions may even be sentenced to a maximum imprisonment of three years.
The regulatory authority will make sure that buyer get possession of the property on time. Buyers currently have little options when developers can’t give possession on time.
Authority will ensure that the builder has secured all necessary permissions and no-objection certifications before launching a project.
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