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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