The government has made it mandatory for developers to adhere to deadlines on finished housing properties. Property developers will have to refund the entire advance amount with interest if they fail to deliver flats to customers within the agreed time frame. The Union urban development ministry has already circulated a note, saying refunds must be made within a week after the deadline to state governments. According to the note, the developer will have to refund a minimum of 20% of the advance within seven days of the deadline with the remaining money to be paid on an agreed time frame. The refund time frame would be decided by the real estate regulator, an official said. The proposed real estate watchdog, a part of the Real Estate Bill, is likely to be tabled in the winter session of Parliament. The move is aimed at checking the prevailing practice wherein developers announce a project even without seed money. Thereafter, they collect huge sums as advance from customers. Constructions start only when they have collected enough money to continue work. This leads to delay in project completion at the cost of buyers. s