India developers told to clean up act or face jail
New laws designed to prevent funnelling of sales proceeds to other jobs
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
INDIA'S notoriously unreliable property developers have been put on notice: clean up your act, or you could end up in jail.
Under laws that came into force Monday, developers have to use at least 70 per cent of sale proceeds to complete residential projects, rather than funnel money to other jobs, and will no longer be allowed to start pre-selling apartments before all building approvals are obtained. Developers who don't comply with the new laws face up to three years in jail.
Share with us your feedback on BT's products and services
TRENDING NOW
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Vietnam formalises new state leadership, redefining ‘four pillars’ power balance
UOB’s Wee Ee Cheong says S$4.9 billion Citi deal ‘paying off’ as Asean push accelerates
