Realtors will have to pay 1cr fine for duping buyers

Mumbai: To make ease for the home buyers and to remove rotten from the housing sector, housing department is planning to introduce new norms to control the realtors. And has made changes in the draft bill and increase the proposed fine from a maximum of Rs 10 lakh to Rs 1 crore, said Sachin Ahir, minister of state for housing.
According to the Ahir “whereas in the draft bill to control the housing sector Rs. 10L was the maximum fine, on the other side market experts believes that penalty amount is insufficient for the developers.” Due to the several complaints from buyers department has taken it seriously and made the norms to ease it. The new draft states the maximum penalty for an erring builder is Rs one crore.” This decision has bee taken on Friday in a meeting which has spearheaded by Ahir and attended by the Gautam Chatterjee, principal secretary housing, and other senior housing department officials.
As per the fresh reports final decision is yet to be taken to the draft which will be tabled in the state legislature for setting up of a housing regulatory authority.





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One thought on “Realtors will have to pay 1cr fine for duping buyers

  1. A VERY WELCOME NEWS FROM THE VIEWPOINT OF THE THUS FAR MOST HARRIED PEOPLE – THE BUYERS OF ‘HOMES’. HOPEFULLY, SUCH LAUDABLE MEASURES , IF STRICTLY IMPLEMENTED /ENFORCED, AND ON A WAR FOOTING, ARE BOUND TO GO A LONG WAY IN IMPROVING UPON THE PLETHORABLE STATE OF AFFAIRS OBTAINING FOR SO LONG IN THE SECTOR KNOWN FOR ITS SINGULAR NOTORIETY

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