“I recently read that the government has come out with a model real estate Act. How will it benefit the Customers?”
From an end customer perspective, the act proposes to bring in more transparency to help the customer. Some of the key benefits to customers will be in sharing information on loading i.e. the amount of carpet area that one gets for the saleable area purchased. This will help one evaluate the option more realistically.
Further, the developer status of will have to disclose details such as mortgage status of land, etc. which are critical factors that have an impact on project execution. However, the model is still in drafting stages and it remains to be seen how the act will be finally passed and implemented.
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