Real Estate Bill to be introduced in Parliament aims create transparency and protect consumer

By Accommodation Times News Services

Real Estate sector is soon up with new Real Estate Regulation Bill a buyer-friendly real estate legislation in this monsoon.  The Real Estate Regulation Bill with the aim to create transparency in the sector and protect consumers will be introduced in Monsoon Session of Parliament. This was announced by Housing and Urban Poverty Alleviation Minister Girija Vyas on Wednesday.

Girija Vyas said, “the bill has been approved in cabinet and is further proposed to be introduced in parliament. We will be introducing the Real Estate (Regulation and Development) Bill, 2013, in the Monsoon Session, we are trying to introduce a bill which will be a people oriented and we will think over the suggestions received by the real estate sector personnel.” The Monsoon Session of the parliament will begin from 5 August, once the bill is introduced, it will be referred to the Standing Committee of Parliament for examination.

Girija Vyas further describes the bill as a new improvement to introduce standardization and professionalism in the real estate sector. The bill will give importance to consumer protection and promotion of the real estate sector through new improved regulations, with effective and speedy mechanism. Describing the sector she says, real estate sector is one of the largest and employment generator business, which is connected to many other business. But, still there is no regulator to control and regulate the stakeholders and facilitate them at the various levels. The bill will consider all the issues and assure improvements.





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