Model Real Estate Regulation Act

From The Hindu.

The Union Ministry of Housing is proposing a Model Real Estate Act. Under this act any construction less than 1000 sq ft has to be registered with this authority before it begins. The promoters have to submit all approvals, plans and other details along with 5% of the total cost to the authority. Subsequently it has to submit all the advertisements, whenever they are published. The authority will manage and violations will be publicized. If the quality of the construction is not good or the promises not met, then the promoter will be black listed.

Sigh! If only this has been there from the beginning, lot of people like me would have been saved. The act is still in the draft stage and will take an year or two to become a rule. I wish this materializes soon without any delays. This might put an end to the builders taking the customers for a ride.