The Real Estate Bill 2013

1)      A real estate regulatory authority will be set up in every state.

2)      Developers will have to sell property based on carpet area.

3)      Developers cannot offer any pre-launch sales without regulatory approvals.

4)      Before accepting monetary advance or deposit; the developer must sign a written aggrement of sale with the buyer.

5)      It mandates developers to keep 70% of the buyers’ funds in a separate bank account (Escrow account) to ensure the           money is used for developing the intended project and is not diverted to execute an older project or debt reduction.

6)      If false or incorrect information is mentioned in the proposed project documentation, the buyer can withdraw from the             project and will get a refund of the entire amount along with the interest.

7)      Provisions in the bill mandate property agents to get themselves registered with the regulator.

8)      The real estate regulatory authority will address the grievances of the consumers.