In recent times Govt. had established a section in Realty Management & Regulation Bill below where the fines will be limited at 1% of the value of residence. This decision was taken to save the residence proprietors from strict fines put by realty conglomerates for who fails to pay on time through development stage of construction, added the source at the www.propertykhazana.com. Realty developers accuses fines as high as price of 8-12% in the lack of any regulation and about 30-35% land transactions are linked with development and building as the leftover is done on the basis of down payments. In building connected ventures, clients need to pay to the developers straightly as construction is built. As much as 2nd system is concerned, the clients will deal with the bank which is dome in one time payment to the developer on behalf of them.
Further it is also revealed by the sources at the www.propertykhazana.com that the Bill will be presented in the Cabinet, later which will be listed in Parliament and stringent action will be taken against the land developers who will accuse the fine above the set limit. Realty regulator will be the initial place in Delhi and other states might or not choose for the replica as it won’t be compulsory, even if the land is fully the state issue. But, capital will not be given any kind of choice and other states will be next to ask to control the law in their states.
Source: NIMMA BENGALURU
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