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Haryana to have regulatory authority for realty sector
Real Estate

Haryana to have regulatory authority for realty sector

Haryana seems to be in the forefront to safeguard the interest of home buyers in the state. Property transactions in the unregulated realty sector in Haryana are set to become transparent. In a first-of-its-kind initiative to protect the interests of property buyers and have a regulated and planned development of the real estate sector, the State government is set to have the Haryana Real Estate Regulatory Authority.

The constitution of the authority, which forms a part of the Haryana Real Estate (Regulation and Development) Bill, 2013, aims at the twin objectives of the registration of the real estate projects and real estate agents for making transactions hassle-free and transparent for the benefit of the common man.

No promoter shall book, sell or offer for sale, or invite persons to purchase in any manner any immovable property or part of it without registering the real estate project with the authority, says the draft bill, which is expected to be passed by the forthcoming session of the Haryana Vidhan Sabha. The authority would provide a registration number to the promoter, including a login ID and password for accessing the website of the authority and create his own web page to upload the details of the project.

In this way, the details of the projects, including the advertisements issued by the promoters, would be put in the public domain and the investors would be able to access the requisite information to avoid frauds in property transactions, a senior government functionary said.

Haryana seems to be in the forefront to safeguard the interest of home buyers in the state. Property transactions in the unregulated realty sector in Haryana are set to become transparent. In a first-of-its-kind initiative to protect the interests of property buyers and have a regulated and planned development of the real estate sector, the State government is set to have the Haryana Real Estate Regulatory Authority. The constitution of the authority, which forms a part of the Haryana Real Estate (Regulation and Development) Bill, 2013, aims at the twin objectives of the registration of the real estate projects and real estate agents for making transactions hassle-free and transparent for the benefit of the common man. No promoter shall book, sell or offer for sale, or invite persons to purchase in any manner any immovable property or part of it without registering the real estate project with the authority, says the draft bill, which is expected to be passed by the forthcoming session of the Haryana Vidhan Sabha. The authority would provide a registration number to the promoter, including a login ID and password for accessing the website of the authority and create his own web page to upload the details of the project. In this way, the details of the projects, including the advertisements issued by the promoters, would be put in the public domain and the investors would be able to access the requisite information to avoid frauds in property transactions, a senior government functionary said.

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