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‘Proposed law to safeguard interests of home buyers’

Home buyers may soon get a bigger say in property agreements and a shield against frauds as a proposed law aimed at safeguarding their interest would be tabled in parliament during the budget session, union minister Ajay Maken said on Tuesday. The Real Estate Regulatory Authority Bill would reduce irregularities in the real estate sector, the minister for housing and poverty alleviation said at an event here.

Addressing the Governance of Megacity Regions conference organised by Confederation of Indian Industry and Centre for Policy Research, Maken said, ‘Not only will it protect the rights of home buyers, but also bring in greater transparency.’

The proposed law proposed restricting developers from channelising funds collected from customer for one project to another, he said. ‘The property agreement documents, which are prepared and executed by the developers, will also not remain one-sided, thereby, not favouring the developer alone,’ he added.
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