Proposed real estate watchdog to have powerful bite -Governance Now

Proposed real estate watchdog to have powerful bite

It will ensure time-bound completion of projects

GN Bureau | May 8, 2013

A part of the money collected by a realtor for a specific housing project will have to be parked with the proposed real estate regulator to ensure that buyers' money is not diverted into other projects leading to cost escalations. The draft real estate (regulation and development) Bill brought by the housing and urban poverty alleviation ministry says that the real estate watchdog will act in this manner to ensure that the projects don't miss deadlines and rising costs of construction are not passed on to consumers.

The minister further stated that the real estate regulatory authority, proposed to be set up under the bill, can call for information and conduct investigation based on a complaint alleging non-compliance by a promoter. Also with this provision in place, the audit agencies of the promoter organizations will ensure that the norms are adhered to, while maintaining the project accounts.

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