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| The Real Estate (Regulation and Development) Bill, 2013 |
The Union Cabinet chaired by the Hon’ble Prime Minister, Shri Narendra Modi, has given its approval to amendments to the Real Estate (Regulation and Development) Bill, 2013. The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects. The Bill provides for a uniform regulatory environment, help speedy adjudication of disputes and ensure orderly growth of the real estate sector.
The recommendations of the Standing Committee of Parliament on Urban Development and suggestions of various stakeholders have also been included in the amended bill. The various measures taken under the bill are expected to boost domestic and foreign investment in the sector and help achieve the objective of the Government of India to provide ‘Housing for All by 2022’, through enhanced private participation.
The Bill is expected to ensure greater accountability towards consumers, significantly reduce frauds and delays, promote professionalism and standardization. The Bill also aims at restoring confidence of the general public in the real estate sector by instituting transparency and accountability in real estate and housing transactions. Further, it also ensures mandatory disclosure by promoters to customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.
The salient features of the Bill are as under :
The Real Estate (Regulation and Development) Bill, 2013
The recommendations of the Standing Committee of Parliament on Urban Development and suggestions of various stakeholders have also been included in the amended bill. The various measures taken under the bill are expected to boost domestic and foreign investment in the sector and help achieve the objective of the Government of India to provide ‘Housing for All by 2022’, through enhanced private participation.
The Bill is expected to ensure greater accountability towards consumers, significantly reduce frauds and delays, promote professionalism and standardization. The Bill also aims at restoring confidence of the general public in the real estate sector by instituting transparency and accountability in real estate and housing transactions. Further, it also ensures mandatory disclosure by promoters to customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.
The salient features of the Bill are as under :
The Real Estate (Regulation and Development) Bill, 2013
