Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
1-min read

Government mulling tough real estate regulator, says Maken

Maken said all relevant clearances for real estate projects would have to be submitted to the regulator and displayed on website before starting the construction.

Press Trust Of India

Updated:March 25, 2013, 3:50 AM IST
facebookTwitterskypewhatsapp
Government mulling tough real estate regulator, says Maken
Maken said all relevant clearances for real estate projects would have to be submitted to the regulator and displayed on website before starting the construction.
Loading...

New Delhi: Government plans to set up a tough regulator for the real estate sector with provisions for even jail term for the developer for putting out misleading advertisements about projects. The proposed regulator will also make it mandatory for developers to launch projects only after acquiring all the statutory clearances from relevant authorities, Minister for Housing and Urban Poverty Alleviation Ajay Maken said at the National Editors' Conference in New Delhi.

He said all relevant clearances for real estate projects would have to be submitted to the regulator and also displayed on a website before starting the construction. Maken said a proposal for the Real Estate (Regulation and Development) Bill, which seeks to provide a uniform regulatory environment to the sector, will be brought before the Union Cabinet soon. "We plan to introduce the Bill during the Budget Session of Parliament," he said.

The Bill has certain tough provision to deter builders from putting out misleading advertisements related to the projects carrying photographs of actual site. Failure to do so for the first time would attract a penalty which may be up to 10 per cent of the project cost and a repeat offence could land the developer in jail, Maken said.

The Bill also has provisions that seek to clearly define a carpet area for an apartment thus barring the developer from making any announcements regarding a "super-duper carpet area", he said. The proposed Bill also seeks to make it mandatory for a developer to maintain separate bank account for every project to ensure that money raised for a particular task is not diverted elsewhere, Maken said.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
 
 
Most Active
Company Price Change %Gain
Shriram Trans 1,040.00 -4.14
IndusInd Bank 1,418.85 -0.56
Yes Bank 115.45 0.35
Indiabulls Hsg 675.80 0.53
Reliance 1,295.40 -1.68
Company Price Change %Gain
Shriram Trans 1,039.00 -3.93
Yes Bank 115.50 0.13
Indiabulls Hsg 675.55 0.51
PC Jeweller 51.15 -10.89
Reliance 1,296.10 -1.58
Top Gainers
Company Price Change %Gain
Bharti Infratel 277.90 1.04
Yes Bank 115.45 0.35
Indiabulls Hsg 675.80 0.53
Wipro 299.90 0.37
Eicher Motors 19,787.55 0.10
Company Price Change %Gain
Yes Bank 115.50 0.13
Infosys 741.45 0.14
Top Losers
Company Price Change %Gain
JSW Steel 264.00 -2.67
Grasim 878.35 -2.30
Vedanta 165.90 -2.15
Tata Steel 492.80 -1.79
Reliance 1,295.40 -1.68
Company Price Change %Gain
Vedanta 166.05 -2.09
Tata Steel 494.15 -1.46
Reliance 1,295.90 -1.60
Axis Bank 789.65 -1.31
Tata Motors 162.10 -1.22

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results