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India developers told to clean up act or face jail
New laws designed to prevent funnelling of sales proceeds to other jobs
Indian home sales have shown some signs of a recovery, according to PropTiger.com. Sales across nine cities rose 19 per cent in the three months ended March 31, rebounding from a 20 per cent slump the previous quarter.
PHOTO: BLOOMBERG
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
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