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adProperty News

New law to regulate property dealers, agents
Source : The Hindu Property Plus Published On : 2008-09-06 City : Chennai

In the first-of-its-kind law in the country, the Haryana Assembly passed a bill aimed to regulate the functioning of property dealers/agents “so that the people availing their services are not harassed.”

The Haryana Regulation of Property Dealers and Consultants Bill, 2008, presented by Revenue Minister, Savitri Jindal, was passed with some minor amendments on suggestions given by the legislators.

The law aims to put in place a “proper system and procedure for compulsory registration of property dealers/ agents”.

After enforcement of this Act, no property dealer or his representative, partner or any employee without obtaining a licence shall enter into transaction of sale, purchase, exchange, letting or taking on lease between the buyer and seller, lessor or lessee, landlord and tenant, including collection of rent in respect of immovable property.

“No other government or Vidhan Sabha has brought such a law anywhere else in the country though some countries/places including Victoria in Australia have such a law,” state Parliamentary Affairs Minister Randeep Singh Surjewala informed the House.

Anyone who contravenes any provision under the Act shall be punishable for a term which may extend up to six months and fined up to Rs 50,000 on first conviction and from Rs 1-1.50 lakh in the event of second and subsequent conviction.

The Assembly also passed the Indian Stamp (Haryana Amendment) Bill, 2008, which provides reduction of stamp duty from six per cent to five per cent on conveyance and sale deeds. - PTI



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