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Rules on property presales

The government will ban developers from accepting prepayment on uncompleted housing without official approval. This is the latest move designed to stem speculative investment in the real estate sector.

There are new rules on property pre-sales.

According to reports that cited a statement by the Ministry of Housing and Urban-Rural Development, in cases where approval for presales has been granted, developers must publish the prices of the individual units.

MarketWatch reported the Ministry said the government will punish developers that ignore the new rules or manipulate the presale process to deliberately raise prices.

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