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RBI disclosure norms to test out the legitimacy of realtors

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Going through some of the fatal incidents that took place recently at many property dealings with the buyers is now been modified with a new disclosure by the Reserve Bank of India. It is to put a check gate in the processing of the selling of any properties to the buyers making a transparency to the matter. This measure is basically to safeguard the interest of the buyers so that they do not fall as a prey to some fake dealings led by the developer. Recently Reserve Bank of India asked all the financial organization to cooperate with the provoked bill for their future dealings with any of the real estate developers.
According to the new disclosure for any commercial or residual realtors have to mention the name of the particular financial organization they attached with for their purpose of construction of the proposed sites at their all modes of advertisements that attracts the buyers. A recent story near the NCR is the live example of such fake dealings and the dream home of many buyers has become a night mare over a couple of days when they came to know about the matter of the unapproved site. The matter is heading for the court’s judgment to get a better mid way between the buyers and the developers.
Earlier it was made mandatory by the Central Bank of India to furnish their name at any hoarding, leaflet or any other means to grab the attention of the buyers for their properties. It is definitely a appreciable measure to check out the correct information about any real estate developers and to know to which bank or financial organization the property is mortgaged.
Source: NIMMA BENGALURU

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