The Union Cabinet of India on 4 June 2013 approved the Real Estate (Regulation and Development) Bill 2013 to
set up a regulator for the real estate sector in the country. This was
done with the objective of protecting home buyers from dishonest
builders. The bill seeks to make it mandatory for developers to launch
projects only after acquiring all the statutory clearances from relevant
authorities.
It also has provisions under which all relevant clearances for real
estate projects would have to be submitted to the regulator and also
displayed on a website before starting construction work. A real estate
regulator will be set up in every state. It will ensure that private
developers get all their projects registered with it before sale and
only after obtaining all necessary clearances.
The commercial real estate is not covered under the purview of the
proposed bill. However, it will apply to residential buildings. The bill
has a provision for mandatory public disclosure of all project details
such as lay out plan, land status and credentials of promoters etc.
An adjudicating officer in the state will be appointed by the
authority for fast tracking settlement of disputes. There will be Real
Estate Appellate Tribunal as per the bill. It will hear appeals from
orders, decisions or directions of regulator and adjudicating officer.
0 comments:
Post a Comment