Key pointers:

  • Mandatory registration of projects with plot areas of 4000 sq m or more. All clearance documents to be submitted to the regulator before the construction activity commences.
  • Registration of real estate agents with clear responsibilities & functions.
  • Strict legislation against releasing misleading ads
  • Projects to be launched only after all statutory clearances
  • Sale of flats only on carpet area basis & mandatory disclosures to be made on facilities / amenities provided on the regulatory authority’s website.
  • Separate escrow a/cs for all the projects.
  • Builders to refund payments with interest to buyers , in case of delays
  • Establishment of the real estate appellate tribunal to ensure faster resolution of disputes.

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