The new Real Estate (Regulation and Development)
Bill, 2013, piloted by (Ms) Girija Vyas, Minister of Housing and Urban Property
Alleviation, was introduced in Rajya Sabha, after receiving approval by the Union Cabinet in its meeting
on 4th June 2013. The Bill aims to form a uniform regulatory
environment, to protect consumer interests, help speedy adjudication of
disputes and ensure orderly growth of the real estate sector. As soon as the
Bill was introduced it is been referred to the Parliamentary Standing Committee
on Urban Development for review and making suggestions.
The Bill is a pioneering initiative to protect the
interest of the consumers, to promote fair play in real estate transactions and
to ensure timely execution of projects. It contains elaborate provisions to
bring in the much needed transparency in real estate dealings through
provisions for registration of real
estate projects and real estate agents with the Real Estate Regulatory
Authority; functions and duties of promoters and agents; rights and duties of
allottees etc. The Bill once enacted will lead to establishment of Real Estate
Regulatory Authority and Real Estate Appellate Tribunal in every state for
registration of all real estate projects and for speedier dispute resolution.
Currently, the real estate and housing sector is
largely unregulated and opaque, with consumers often unable to procure complete
information , or enforce accountability against builders and developers in the
absence of effective regulation. The Bill is expected to ensure greater
accountability towards consumers , and to significantly reduce frauds and
delays.
The Bill aims at restoring confidence of the general
public in the real estate sector; by
instituting transparency and accountability in real estate and housing transactions
which in turn will enable the sector to access capital and financial markets
essential for its long term growth. The Bill is presented with benefits and
advantages along with the silent features.
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