The Haryana government has undertaken a major reform in the real estate sector by facilitating passage of a Bill for regulating property dealers. The state assembly has passed the Haryana Regulation of Property Dealers and Consultants Bill, 2008, in order to check fraudulent and `benami' deals. After it becomes an Act, no property dealer will be able to function without obtaining a licence for a one-time registration fee of Rs 50,000.
Now, property dealers and real estate consultants won't be able to shirk responsibility if the buyer detected some irregularity or fraud in the transaction. The dealer will also act as a witness if any dispute arose between the buyer and any other party involved in the transaction. The property dealers will also have to stand guarantee for every deal.
The bill that was passed during the recently-concluded assembly session relates to regulating the functioning of property dealers, property consultants and estate agents in order to protect the interests of buyers and sellers using their services. After enforcement of this Act, no property dealer, his partner or employee will be able to function without obtaining a licence.
Following the boom in the real estate sector, property brokering and consultancy has become a lucrative business. According to one estimate, in Haryana around 50,000 dealers are active.
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