RBI asked banks to bring in a disclosure clause under which commercial real estate players will also have to mention in their advertisements the name of the bank to which a property has been mortgaged.
According to RBI, On a review, it has been decided that the provisions contained therein (relating to disclosures) will be applicable to commercial real estate also.
Earlier, India's central bank has made it mandatory for banks to inculcate the provisions relating to disclosure of a mortgage property in advertisements for ‘private builders’ at the time of inviting public to buy flats or a property.
Now, a builder/developer/company/promoter has to disclose in its advertisements like pamphlets or brochures the name of the bank to which the property is mortgaged.
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