Unorganised property agents to come under proposed real estate regulator’s ambit
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Industry bodies have termed the Real Estate Bill draconian
NEW DELHI: The government plans to bring unorganised property agents and brokers under the ambit of the proposed real estate regulator, imposing stringent penalties including imprisonment on those who dupe buyers or operate without a valid registration.
"We have added a chapter on real estate agents in the Real Estate (Regulation and Development) Bill. This will bring in the much needed order in the segment," a senior official in the ministry of housing and urban poverty alleviation said on condition of anonymity. He said the bill will be sent to the Cabinet next week.
The draft bill already includes a provision for imprisonment of up to three years, or a penalty of up to 10% of the cost of project, for builders selling projects without registration.
"The imprisonment clause will be invoked in extreme and deliberate violations," the official said.
The draft bill already includes a provision for imprisonment of up to three years, or a penalty of up to 10% of the cost of project, for builders selling projects without registration.
"The imprisonment clause will be invoked in extreme and deliberate violations," the official said.
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