India developers told to clean up act or face jail

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.