The real estate business in Bihar, in a state of flux till recently, will get a boost with the implementation of the Bihar Real Estate (Regulation and Development) Rules, 2017, persons associated with the sector said on Friday.

The cabinet approved the rules on Thursday, and among other aspects, these are expected to curb rampant instances of cheating of customers by builders and developers.

"Overall, the ruleswill give the industry the much needed oxygen, as it would prove beneficial for , bring transparency in transactions and ensure timely execution of projectswill help a homebuyer understand how much s/he is paying for each square foot that they will get for use.

"Transparency and trust factor will automatically increase, as it will become mandatory for developers to post all information pertaining to the project's plan, layout, government approvals, land title status, sub-contractors to the project and schedule for completion, with the state real estate regulatory authorities," a city builder said, terming the rules the biggest reform in the real estate sector in Bihar. "Tier-2 and tier-3 markets, where a lot of consumers have lost their money in the past, will again see a spurt in investments."

However, the builder had a word of caution too. "The success of the real estate rules will depend on their implementation. It should be implemented in its true spirit and not become another centre for corruption, harassment and delays. The government should ensure speedy and correct implementation of the rules."

While the rules aim to safeguard the interest of homebuyers in the real estate market - till now restricted to the builder-buyer agreement, that was often skewed - under its provisions, a homebuyer can also be jailed, up to a year, if s/he fails to obey the orders of the regulatory authorities or the appellate tribunal.

"Undoubtedly, it's a delightful scenario for buyers. But any rule can't be made lopsided," said Chandra of the builders' association. "We face difficulty when buyers delay payments or just do not pay after giving the initial instalment. In such cases, now our grievances will be addressed with the establishment of the 'Real Estate Regulatory Authority' that will adjudicate project-related disputes."

Residents and homebuyers, however, disagreed, claiming that rules framed to address their woes can't have the provisions against them.

"This provision would turn out to be a deterrent for buyers who would think twice before moving the regulatory authority," said Arun Sinha, a prospective buyer in Patna. , and the _ who would be moving teh regulatory authority for resolution of grievances against developers. only time a developer may move against a homebuyer is if it's a case of non-payment of dues<>. "If someone is a genuine buyer, such an issue would never crop up," Chandra said, echoing other builders in Patna.