A Parliamentary Committee on Thursday recommended a slew of measures favouring property buyers, which include a three-year jail term or a fine for a defaulting builder under a new law which will now cover projects of 500 sqm or eight flats.
The government on Friday said it will bring a balanced real estate regulatory bill to protect the interest of buyers as well as industry and the proposed law would reinforce the confidence of consumers and financial institutions in the cash-starved sector.
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