Real Estate (Regulation and Development Bill),2013 Commenting on the Real Estate (Regulation and Development) Bill, 2013 It has been almost 5 years since the idea of this bill (Real Estate Regulation & Development) was tabled and after rounds of discussions and various brain storming sessions finally, the sector may get its ombudsman to regulate and supervise the real estate transactions. The sheer size/ contribution of this sector to the GDP was ever increasing and due to peculiarities and issues faced by the various stakeholders (customers, bankers, policy makers etc), this sort of regulation/ authority IRDA, TRAI etc (which regulates and monitors the insurance and telecom sector, respectively) was necessitated. 1. Mandatory registration of projects & real estate agents will promote fair and ethical practices within the sector. Mandatory disclosures of project details to public will ensure an environment of transparency for the consumers 2. Compulsory deposit of seventy per cent of the project collections in a separate bank account will infuse some financial discipline with the developers and also promote the timely execution of projects. 3. Establishment of fast track dispute resolution mechanisms will help in expeditious clearances of disputes and creation of a real estate regulatory authority for each state, will ensure a uniform policy regime and monitoring of transactions across the country. On an overall basis, this is a move in the right direction and at an opportune juncture, when the sector is facing the heat from all directions, this will definitely bring in fresh breath of air for all the stakeholders.
Posted on: Fri, 21 Jun 2013 06:30:09 +0000
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