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Registering projects a must for builders

As per the Real Estate (Regulation and Development Bill) 2015, developers will have to register projects with the proposed real estate regulatory authority

real estate Updated: Dec 22, 2015 12:44 IST
property
The proposed real estate regulatory authority will clear the application for registering a project by a builder only after it is satisfied that all the necessary approvals are in place(HT Photo)

Register with the regulator: A developer will have to register his project with the proposed real estate regulatory authority before advertising it or selling apartments. The application for registration will be done only after getting all necessary approvals.

Registration of real estate agents: Every real estate agent will have to register with the regulatory authority before selling a project. The agent will get a registration number which he will have to quote while facilitating any sale or purchase

Developer’s webpage on authority’s website: Once registered, every developer will get a login identity and password to create a webpage on the authority’s website and update the status of his projects on a quarterly basis.

Advance payment only after sale agreement: A developer will only accept advance payment, ie, 10% of the apartment’s cost, after first entering into a written and registered agreement for sale with a homebuyer.

Authority to decide every case in 60 days: If any dispute is raised before the regulatory authority, it will be disposed of within 60 days. In case of delay, the authority will have to give reasons for it.