To protect the interests of homebuyers, the government of UP has planned to introduce a new law in order to tighten the noose around fraudulent real estate brokers. Under the upcoming law, it will be obligatory for dealers to register themselves with a local government body and obtain a license for practicing, a senior official said in Lucknow.
According to an official, "Once the draft bill is ready, it will be approved by first by the cabinet and then passed by the legislative assembly to make it law". The UP urban housing department is drafting the bill to regulate property brokers.
The large number of cases of property fraud and cheating are piling up with the boom in real estate, especially in areas like Noida, Greater Noida and Yamuna Expressway. "Though 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 official said. 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, he adds.
The document states, "The district magistrate or any other top official in each district will be appointed as the nodal officer, who will issue licenses 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".
In the words of realty experts, this decision will bring more accountability, reliability and transparency. It is suggested that this decision would have been taken much earlier. The strict implementation of the bill is required in order to make this effort a success.
Other brokers say that brokers plays a major role in the real estate division and just because of only some unscrupulous brokers, the entire industry suffers. It is expected that this bill will heighten the credibility of the realty sector.
As we are aware with the fact that real estate market in India is expanding at a very large scale so it is required to manage it in a proper manner. The licenses will help this market to a greater extend. Even the customers will be benefitted as they will not have to deal with the fraudsters. Buying a home is not an easy task but at least this step will make it little bit comfortable and reliable for homebuyers as well as investors.
Enthusiastic writer by profession with explicit interest in Real Estate sector. Research and analysis are my other attributes. Also an amateur photographer with interest in diverse subjects like Media, Cultural studies and Science.
Orignal From: New law recommends Licences for Real Estate Brokers
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