“What was shown and what was delivered was always different,” said Gulam Zia, executive director at real estate consultancy Knight Frank India. If the flats are not delivered on time, the developer will have to pay the monthly interest on the buyers’ bank loans. The Confederation of Real Estate Developers’ Associations of India, a trade body, welcomed the new law saying it had been calling for better regulation. “This will go a long way in restoring consumer faith in the real estate sector,” said its president Jaxay Shah. Those things will be fixed now,” said Ramesh Nair, chief executive of JLL India, a real estate company.

Source: bd News24 May 07, 2017 06:45 UTC