Haryana brings law to regulate property dealersSeptember 2nd, 2008 - 10:53 pm ICT by IANS
Chandigarh, Sep 2 (IANS) The Haryana assembly Tuesday passed the Haryana Regulation of Property Dealers and Consultants Bill, 2008, which will regulate the functioning of property dealers in the state.The new law will regulate the functioning of property dealers, property consultants and estate agents in order to protect the interests of people using their services.
After enforcement of this act, no property dealer or his representative will be able to enter into transaction of sale, purchase, exchange, letting or taking on lease between the buyer and seller, lessor and lessee, landlord and tenant including collecting of rent in respect of the immovable property, with anybody in any manner, without obtaining a licence.
The new law also makes it mandatory for property dealers to obtain prior permission from the district collector for any property deal in which they are getting commission. Any disputes in property matters involving property dealers will be judged by the collector.
Contravention of provisions of the law will lead to imprisonment and also a penalty ranging from Rs.50,000 in the first instance to Rs.150,000 in the third.