Real Estate Regulation and Development Bill to come into effect in Rajasthan on May 1
The government constitutes the regularity authority to implement the bill.
Jaipur: The state government is all set to implement Real Estate Regulation and Development Bill in Rajasthan. It will likely come into effect on May 1.
Here are a few things home buyers as well as real estate developers in Jaipur should know about Real Estate Regulation and Development Bill introduced by the central government:
- Builders and developers will have to 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 a regulatory authority to be constituted by the state government.
- Developers will have to 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.
The Rajasthan government has already constituted the regulatory authority.