Real estate bill passed, punishment for breaches

Yesterday, (Wednesday) the real estate bill 2010 has been enacted. The parliament passed the bill submitted by Abdul Mannan Khan.  The bill is said to be a milestone for the people who seek home, apartment etc. this bill has been enacted protect the people from the grabs of illegal occupiers.

However, this law will not be applicable for the projects or any business venture taken by the government directly in this field. every developing business owners must obtain proper registration from the perspective authority.  After paying full money of the developer by a purchaser, the development must transfer the possession of the property and get the required documentation and registration.

If a developer develops any building without proper authorization they will be subject to the fine of Taka 20 lac. or a jail not exceeding three years or both.  According to the agreement, if a developer fails to deliver properly they have to return the money along with fine within six months in the form of cheque.  If any developer mortgages the perspective property to any bank or financial institution they will not be able to sell it to the customer.  However, with the permission from the respective customer the developer will be able to sell it.  If any developer operates any developing business without proper registration and authorization they have to face the fine of Taka 10 lac. or Jail not exceeding two years . if any developer of however, breaches the conditions underlying in this law and mortgages any property they will be subject to a fine of Taka five lac. or Jail not exceeding one year. According to the agreement if any developer fails to transfer the ownership of the land they will be subject to a fine of Taka 20 lac. Or Jail not exceeding two years.

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