Real Estate Bill is Pending in 2013.

Date : Jan 23, 2014

The Real Estate (Regulation and Development) Bill, 2013 The real estate sector is largely unregulated. There is lack of standardization, transparency and consumer protection. Introduced in August 2013, this Bill deals with residential real estate, and looks into the transactional (buying and selling) aspect of the sector; it aims to bring transparency to the sector, making disclosure of project details mandatory, along with the functions of the promoter. It also aims to provide a speedy grievance redressal mechanism. The Bill seeks to establish Real Estate Regulatory Authorities (RERAs) at the state level. RERAs will aim to ensure consumer protection, standardisation in business practices, and transactions in the real estate sector. Their main functions will include advising governments on development of the sector, and maintaining and publishing records on projects on its website. The Act will include setting up of a Real Estate Appellate Tribunal with powers of a civil court to address consumer grievances. RERAs will have the power to conduct an inquiry and penalise promoters, allottees, or real estate agents; a promoter can be penalised up to 10 percent of the total cost of the real estate project, and an allottee can be charged up to 10 percent of the total cost of the apartment.

Source By:- Moneycontrol

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