The Director General of Investigations wing of Competition Commission of India (CCI), suggested that serious regulations should be made in the real estate sector to safeguard the interests of consumer. The giants in real estate business are coming up with discriminatory clauses in the agreements of the apartments.
The DG of investigations wing had gone through the building regulations of 8 developed countries – Denmark, France, Netherlands, Germany, England, Norway, Sweden and Belgium, to finalize some of the important regulations, in order to curb the fraudulent clauses made by real estate owners to public and also to government.
The real estate owners should start the process of construction only after the approval of the building plan and financial status of the builder by the government. They are supposed to produce documents showing that the land is clear of controversial allegations and should not put the building for sale before the completion of construction. The builder is also supposed to produce the rates of the flats to be sold.
Further, the CCI also suggested the state governments, Ministry of Housing and Urban Poverty Alleviation, Ministry of Urban Development to give suggestions in developing laws for real estate businesses.
Source: Business Standard