As the upcoming parliament session is expected to pass the real estate bill, flat buyers believe that they will be protected from the unscrupulous builders who mostly harass the buyers.
There are many pieces of news which narrates or have narrated some incidents in which poor flat buyers and owners were cheated and looted by some unscrupulous builders. Anyway the prospective buyers believe that with the approval of new real estate bill, this will not be happening any more.
Yes, the buyers have a reason to smile and the builders have a reason to be cautious; and all the more to be just, with the new real estate bill. Once the new Bill gets the approval, real estate developers will have to be aware of all possible punishments which the bill will be implementing.
Under the new real estate regulatory bill, a builder may be sentenced to jail in case of proved misbehavior from his part. Though the developers demanded monetary punishment instead, their plea is, so far, not heard.
The new real estate bill will be absolutely against the unethical and unscrupulous builders. It is expected to restrain them from looting the flat owners and buyers.
So far many experts have opined that the provision for legal punishment would bind up all fraud behaviors in the industry. The real estate sector will become clean and transparent all the more.
The new bill makes it mandatory for the builders to register with the regulator before beginning any of their projects. Further they will have to show up all details of constructions, approvals and status of the project to the buyers beforehand.
All this will add the burden on the builders. Yet this is needed for making the sector more transparent and clearer.
The buyers of middle and lower income class people will be the happiest of all the buyers. For them it is not possible to buy any home; firstly due to the sky reaching property prices and secondly due to the unscrupulous nature of the builders. Once the bill is approved, at least, they hope that they will also be able to own a home at affordable prices.
