Ten Real Features of Real Estate Bill passed by #RajyaSabha , #LokSabha yet to approve

All projects will have to be registered with regulatory authorities, and developers will have to disclose project information.

Developers will have to provide brief details of projects launched in the past five years.

Builders will have to deposit a minimum of 70% collections from buyers in an escrow account to cover cost of construction and land.

There will be no discrmination of any kind on basis of religion, region, caste, creed or sex and gender

No pre-launch will be allowed without getting all approvals from the local authorities and without obtaining registration from the regulator. All incomplete projects are to come under the regulation.

The bill covers any project that is more than 500 sq m or has more than eight apartments (states can lower this requirement further).

Builders can no longer go scot-free by putting up flashy designs or photographs of a project

The bill states the builder has to return the payment with interest to buyers who are affected by such “incorrect, fast statements contained in the notice, advertisement or prospectus or the model apartment, plot or building as the case may be”.

It provides for imprisonment of up to three years for promoters and up to one year for real estate agents and buyers andor monetary penalties if they violate orders of appellate tribunals.

The authority can even order “compensation” to consumers in case of misleading advertisements.