Real estate developers would soon have to divulge details of all projects, litigations, track record of promoters and declare there would be no discrimination against any allottee.
The ministry of housing and poverty alleviation has formulated draft rules under Real Estate (Development and Regulation) Act 2016, The Real Estate (Regulation and Development) Act 2016, which paves the way for setting up a regulatory authority and tribunal to regulate all transactions between buyers and sellers.
The rules provide for payments to be made for registration of projects and real estate agents with the regulatory authority, documents and information to be furnished by developers, procedures to be followed for registration, extension and renewal of registration, procedures for filing and hearing of complaints and appeals, appointment and service conditions of the chairpersons and members of Real Estate Regulatory Authorities and appellate tribunals and their powers.
The rules clearly state that a promoter would have to sign an undertaking saying there would be no discrimination against anyone in the allotment of any apartment, plot or building on any ground.
Rules require the Real Estate Regulatory Authority to be set up to ensure availability of information in respect of 60 aspects relating to the promoters and the projects. These include profile of developer of group, track record of promoter, details of past or ongoing litigations relating to real estate projects and apartment and garage related details.