Real Estate Regulatory Bill 2015

Indian reality sector is infamous for many issues such as lack of transparency, delay in completion of projects, unaccountability of promoters & developers & so no which eventually leads to unending litigation.
Due to its major revenue & employment generation capacity real estate sector is one of the major important industries of the economy. So to regulate this industry was the need of the hour.
Finally couple of days before Union Cabinet has approved amendments to the Real Estate( Regulation &Development ) bill 2013 & now it will go to the parliament for the approval before becoming the law.

Highlights of the bill :-

– Initially bill was restricted to the residential real estate projects but now commercial real estate projects also brought in its ambit.
– Every state & union territory will have to establish Real Estate Regulatory Authority (RERA).
– Duties & responsibilities of all the stake holders (i.e promoters / agents / buyers or customers) are clearly defined.
– In the duties & responsibilities of the promoters two important duties are categorically defined those are
A). Rectifying structural defects
B). Refund of money in case of delay of completion of project.

Real estate agents also have been made punishable for non-compliance of orders of regulatory authority. Basically, brokers who want to sell flats or plots in a particular project will now have to get registered with the regulator. Appellate Tribunals will also be set up under the proposed law.
Buyers can claim refund with interest and compensation if promoters fail to deliver projects in time. If rules are violated, projects will be de-registered and penalties will be imposed on the developer. Infact builders often demand part payment in cash, making many ordinary buyers party to corruption