Moreover 70% of fund which property dealer or developers will receive from buyer of home will be deposit in separate bank account. It will be also compulsory. With this, project cost will be secure and project will be completed on the time.
As per previous solicitor General Gopal,
Power of recommending the punishment to builders who are defaulter, will be under the regulator. It means, real estate agent or developer will get approval from different agencies before selling the housing flats.
Some of real estates experts are saying, "Its adverse affect will be in the real estate market. Dealers will discourage to invest his money after compulsory registration
For getting registration, dealers has to tell full information of layout of flats, residential houses' plans and the name and addresses of contractors and numbers of apartments.
Related : Real Estate Market