By Accommodation Times News Services
The new Real Estate (Regulation and Development) Bill, 2013, piloted by (Ms) Girija Vyas, Minister of Housing and Urban Poverty Alleviation, was introduced today 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 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.