The government on Monday evening said it would soon notify the real estate rules which would see property registration fees being halved and developers being required to compensate allottees in case of delays in handing over the property.

“Real estate developers will have to furnish additional information regarding the ongoing projects for the benefit of the buyers, besides depositing 70 per cent of the unused funds in a separate bank account to ensure their completion,” the government said in a release.

“To incentivise registration of projects and real estate agents with regulatory authorities, fee for the same has been reduced by half based on suggestions from promoters for reduction of fee.”

The fee has been reduced to Rs. 5 per square metre for up to 1,000 square metres and Rs. 10 per square metres beyond this limit subject to a maximum of Rs. 5 lakh per project.

[Source:-The Hindu]