New property bill in india to be made public next week

Details of a new bill to protect property buyers in India from unscrupulous developers are expected to be made available next week.

The draft Real Estate Regulation and Development Bill 2011, is to be published by the government to allow stakeholders to comment on the new rules and could be presented to parliament before the end of the year.

The bill aims to make the nation’s emerging real estate market more transparent and also create a new regulators authority to oversee the industry although it is not yet clear what powers the new authority might have.

It is expected that the bill will compel developers to make public disclosures related to land title, project completion date and other relevant details.

Source: PropertyWire.com