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An impractical bill for real estate by Government

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The recent proposed bill for real estate market has come out to be a full fledge impractical according to the major mass of the real estate community from the mix reviews last week. The opposition is growing stronger among all small and tycoon developers of real estate as it confirms a jail term of 3 years and fined up to 10% of the project cost. It is for those who fail to register their respective project with a real estate authority that will be responsible to monitor their ongoing projects.
This stocky penalty and imprisonment scene is creating chaos in the real estate developer circuit. Corruption is the next front that will get better advantage as every phase of the construction will have to get sanctioned from the concerned government authority incase of phase construction. However it was also made clear that the construction site limited up to 4000 sq meter will be exempted from this verdict. After the completion of this draft the real estate group was issued a time period of 30 days to raise their objection if any. Earlier at a suggestion campaign the real estate industry asked the core comity of the draft to avail with some changes but there was no positive eagerness and the present draft was made with a very minor change to it which will be produced at the forthcoming winter season of the parliament.
According to the various sources there is strong gloomy atmosphere with in the real estate team regarding the current bill. No doubt it safe guards the interest of the customer but at the same time it should also favour the business stratagem equally. The present bill also includes the commandment of depositing an amount of 70% collected from the customer in a separate bank account with in the term of 15 days.
Source: NIMMA BENGALURU

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