2. The new real estate bill focuses on giving more power to the consumer:

A draft bill is into the making since the past two years formulating the real estate deals but now the bill is modified in a way to fit it into a central legislation governing the deals within thttp://www.blogger.com/img/blank.gifhe whole country. In the newly formulated draft bill the consumer has been given more protection by laying more emphasis on his rights and by protecting him in case of fraudulent real estate deals. The provisions of the draft bill are made in such a manner that the developer will not be able to easily fool any buyer; he’ll have to make public disclosures about the project and also the final project completion date beyond which he’ll be liable for over dues. All the disclosures pertaining to the project must be made before launching the project so that the consumers are not taken for a ride later on. The developers will now need to register themselves with the regulatory authority which regularizes the real estate deals in the country. According to the housing ministry officials the draft bill will be introduced in the Parliament in the latter half of the year.

To make this draft bill a central legislation certain clauses have been removed from the earlier bill which includes state centric issues such as building bye-laws and municipality concerned issues. The newly formulated bill focuses on consumer protection, timely completion of projects and fulfillment of contractual obligations by the builder/ developer.