New bill proposes licences for real estate brokers

NOIDA: The UP government has planned to draft a new law to tighten the noose around fraudulent real estate agents so that interests of homebuyers are protected. A senior official in Lucknow said that under the law dealers are required to register themselves with a local government body and obtain a license for practicing.

The UP urban housing department is drafting the bill to regulate property brokers. "Once the draft bill is ready, it will be approved first by the cabinet and then passed by the legislative assembly to make it a law," said an official.

With the boom in real estate, especially in areas like Noida, Greater Noida and Yamuna Expressway, a large number of cases of property fraud and cheating have cropped up. "Usually police do not entertain such cases or have no means to bring the fraudsters to book. The bill will ensure that interests of the common man are protected stringent action is taken against unethical dealers," the official said, adding that while brokers enjoy handsome commissions, with a few big players making crores of Rupees overnight, they hardly take any responsibility of buyers in cheating cases.
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