Transparency in the real estate industry
has been a grey area due to lack of adequate regulations. Though the proposed real estate regulator is likely to bring major changes, the sector has become slightly more transparent with new disclosure norms for mortgaged commercial properties.TIPS to ensure a legal property deal
The Reserve Bank of India has asked banks to include a disclosure clause under which commercial developers
will have to mention the name of the lender to which the property is mortgaged. Stamp duty on properties in Delhi to go down
Developers will have to include the name of the bank financing the project in their advertisements, brochures, etc, at the time of inviting public to buy properties in the mortgaged project. Disclosure of mortgage details has been mandatory for residential properties since 2009.