The Real Estate (Dealers and Developers) Act is a law designed to regulate the real estate industry, ensuring that transactions are fair and transparent. Here’s a simple breakdown of the key points and what regular people should do or avoid in real estate transactions.
Key Parts of the Act
Preliminary Information:
The Act starts by defining terms and the scope of real estate business practices.
The Real Estate Board:
Establishment: The Real Estate Board is created to oversee real estate practices.
Functions: The Board regulates and controls real estate practices, monitors developers, and ensures legal compliance.
Powers: The Board can give directions, hold enquiries, and has the authority to enforce the Act.
Real Estate Dealers and Salesmen:
Licensing Requirements: Only licensed individuals can practice real estate. Real estate dealers and salesmen must be registered and licensed by the Board.
Employment Restrictions: Unlicensed individuals cannot be employed in real estate transactions.
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