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Newly released realty draft faces mix reaction

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At last the most awaited memorandum for real estate has hit the realty market of the country. The Regulation and Development bill on real estate was released last week by department of housing and urban poverty. According to the sources of www.propertykhazana.com it said to be the most efficient documentations for both realty developers and the consumer by its officials. It will be helpful to best safeguard the interest of consumers from some of the fake dealings which was lately came to limelight at various locations of the country. It is mainly crafted to maintain a healthy relationship between the realty developers and the consumers and to monitor the different functioning stages of the construction business.
First of all it creates a cent percent transparency through its regulation act of registration. It is a mandatory segment for any land business in realty world. No projects from now onwards can ask or do marketing for their any construction site unless it gets registered with the government authority. In fact no advance booking is allowed till every legal documents of registration like free from encumbrances, land titles, court cases were cleared by the concern authority. So it will bring a neat and clean propaganda while signing for a dream home with the hard earned money. Online processing of all these criteria is the significant module for the benefit of mass where any interested can avail the full details about any particular projects with the name and registration number of the promoters on the top. Also there is mix reaction in promoters and realtor team regarding some points of the bill like 70 percent deposit of sale is made mandatory for the promoters in a different bank account according to the bill. Apart from this the bill is mute at the section of approval and other related timely clearance from government body that play a vital role towards the successful completion of any project.
Source: NIMMA BENGALURU

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