In order to have a growth-oriented realty segment in India, a bill may be passed during winter session. A Source from www.propertykhazana.com states that the final proposed bill will be placed in the parliament as the government is very eager to initiate a system of price ratings for executors and promoters.
As a matter of fact, business ratings are affected so as to have good business principles in execution and deliverance on time which in turn can draw the attention of customers and also to acquire a quality representation. The move may boost for a systematic functioning and thus help to get the assurance of banks and prospective customers.
Sources from www.propertykhazana.com state that inter-alia basing on the profits made, cash acquired the skill used, and their previous performance, the ratings of the developer would be determined. Finally the same would be made known through websites of the monitor.
Once a monitor is in force, the executor of the project needs to give a identity for the land and prior permission to start construction work or other services so as to see that the amount so collected is used a particular project meant and not otherwise. The listing of the executor may be taken back if the rating decline and further a notice may be served if he is not responsive.
The realtors are required to get a licence for execution of their projects which may curtail illegal sale if the proposed bill is affected. The bill which was deferred hitherto may be passed by the end of November or December. Another team is also being set up to bring into force small lending institutions to aid the executors the ultimate buyers. For further details visit www.propertykhazana.com.
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