Urban India has seen a boom in the realty market with the prices skyrocketing, largely due to limited spaces and high demand. However, the realty sector in India has been majorly unregulated, leaving customers harassed at the hands of builders and real estate agents in cases of project delays, misrepresentation and fraud by the builders. In majority of the cases the flats/properties do not get constructed and delivered to the buyers in a timely manner, adding to their woes. Whereas in other cases the constructed buildings do not conform to the accepted standards of architecture. At times, the buyers are taken unawares in cases of mortgage or charge created over their properties.
The highly unregulated realty sector in India has impelled the Ministry of Housing & Urban Alleviation to frame a Model Real Estate (Regulation of Development) Act, (Model Act) and the respective state governments are expected to enact local laws on the same lines, to regulate the sector. The Model Act seeks to regulate the realty sector by casting detailed obligations and duties on the builders and bring in much needed transparency in the system.
Among the major changes that the Model Act proposes to implement, includes the provision for compulsory registration of the project. The registration shall not be required in cases where the area to be developed does not exceed 1000 square meters or where the number of flats to be constructed does not exceed four.
More : business-standard.com
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