The prospective ‘Real Estate Development and Marketing Proclamation’ bill was tabled for consultation. The bill is intended to address the complaints presented against real estate developers failing to comply with purchase contracts. The current draft of the bill allegedly places stringent requirements on developers in terms of honoring contractual deals.
The prospective bill also deals with the issue of licenses, use of land and space, as well as the transfer procedures for completed houses. The bill prohibits the transfer of homes that are less than 50% complete.
A desk designated for real estate issues at the Ministry of Urban Development and Construction is suggested by the bill.
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