New bill proposes licences for real estate brokers
Feb 18, 2014
Source : The Times of India
 
NOIDA: The UP government has planned to draft a new law to tighten the noose around fraudulent real estate agents so that interests of homebuyers are protected. A senior official in Lucknow said that under the law dealers are required to register themselves with a local government body and obtain a license for practicing.

The UP urban housing department is drafting the bill to regulate property brokers. "Once the draft bill is ready, it will be approved first by the cabinet and then passed by the legislative assembly to make it a law," said an official.

With the boom in real estate, especially in areas like Noida, Greater Noida and Yamuna Expressway, a large number of cases of property fraud and cheating have cropped up. "Usually police do not entertain such cases or have no means to bring the fraudsters to book. The bill will ensure that interests of the common man are protected stringent action is taken against unethical dealers," the official said, adding that while brokers enjoy handsome commissions, with a few big players making crores of Rupees overnight, they hardly take any responsibility of buyers in cheating cases.

The draft states, "The district magistrate or any other top official in each district will be appointed as the nodal officer, who will issue licences and address grievance of buyers against erring agents, who, in the absence of any regulatory authority go scot-free in case of cheating or poor services."

Realty experts said this decision will bring in more accountability, reliability and transparency for homebuyers. "This decision should have been taken much earlier. Strict implementation of the bill is required in order to make this effort a success," said RK Arora, vice president CREDAI (west UP) and CMD Supertech group.

Other developers said brokers play a major role in the real estate sector. "Due to a few unethical brokers, the entire industry suffers. We hope this bill will boost the credibility of the realty sector," said Amit Gupta, MD, Orris Infrastructure and member Assocham.
 

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