Bengaluru: A new law is in the making to protect the end users and the property buyers from the unscrupulous realty agents, brokers and builders who deceive the buyers by showing forged documents, making false promises or not having the approvals or clearances.
In an attempt to protect the interests of the buyers of the property market a new regulatory framework is thought to be rolled out by the Karnataka government to weed out the up-start and unscrupulous developers and housing societies. This is expected to bring fair amount of transparency in transactions, status of completion of projects and checking documents and due diligence through a common legislature before buying their homes. This proposal is brought by the government on the backdrop of many homeless families whose houses were demolished in the recent drive of BBMP in Bengaluru.
According to the version of the state Law Minister T B Jayachandra, a law is being formulated by amalgamating the provisions of the Karnataka State Cooperative Societies Act and Karnataka Land Revenue Act to refrain the developers from deceiving the customers.
The projects are approved by various local government bodies like BBMP, BDA, BMRDA, and various boards of governments like the Pollution Control Board. The bill in the making proposes to eliminate all these requirements and instead seek a mandatory registration from the regulatory body by furnishing all the details of approvals on the sale deed and the regulator as well. The proposed bill brings some mandatory disclosure clauses which would make the developers disclose all details and will bring transparency and clarity in transactions. This would also facilitate the timely completion of projects as well.
According to government sources the bill would be more in line with Real estate Regulation and Development Bill, 2013 brought by the central government which is awaiting the sanction of the parliamentary committee.
But one section of the realtors feel that the customers will surely not be happy with such a legislation as another law will make the process of approvals and clearances more tedious and time consuming. They feel that instead of legislation the government should try to implement the existing laws which are enough to regulate the Property developers and builders and safeguard the interests of the common buyers.
In an attempt to protect the interests of the buyers of the property market a new regulatory framework is thought to be rolled out by the Karnataka government to weed out the up-start and unscrupulous developers and housing societies. This is expected to bring fair amount of transparency in transactions, status of completion of projects and checking documents and due diligence through a common legislature before buying their homes. This proposal is brought by the government on the backdrop of many homeless families whose houses were demolished in the recent drive of BBMP in Bengaluru.
According to the version of the state Law Minister T B Jayachandra, a law is being formulated by amalgamating the provisions of the Karnataka State Cooperative Societies Act and Karnataka Land Revenue Act to refrain the developers from deceiving the customers.
The projects are approved by various local government bodies like BBMP, BDA, BMRDA, and various boards of governments like the Pollution Control Board. The bill in the making proposes to eliminate all these requirements and instead seek a mandatory registration from the regulatory body by furnishing all the details of approvals on the sale deed and the regulator as well. The proposed bill brings some mandatory disclosure clauses which would make the developers disclose all details and will bring transparency and clarity in transactions. This would also facilitate the timely completion of projects as well.
But one section of the realtors feel that the customers will surely not be happy with such a legislation as another law will make the process of approvals and clearances more tedious and time consuming. They feel that instead of legislation the government should try to implement the existing laws which are enough to regulate the Property developers and builders and safeguard the interests of the common buyers.
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