Real Estate bill, 2013 Seeks Promoting Transparency and fair and Ethical Business Practices claims Center Government

By Accommodation Times News Services

Real Estate bill, 2013 Seeks Promoting Transparency and fair and Ethical Business Practices in Real Estate and Housing Transactions

The Real Estate (Regulation and Development) Bill, 2013 provides for specific provisions towards promoting transparency and fair and ethical business practices, relating to transactions, through disclosure of project details and contractual obligations vis-à-vis the project and the buyer, which shall promote informed choice for the buyers. Disclosure of project details shall substantially reduce the power asymmetry prevalent in real estate transactions

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 specific provisions regarding disclosure of project details are as follows:

Application to Authority:





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