The
Union Cabinet is expected to consider the Real Estate (Regulation and
Development) Bill within 15 days. The Central government intends to present the
Bill during the monsoon session of Parliament, scheduled to start from August
8, 2012.
A
senior government official , “The Real Estate (Regulation and Development)
Bill draft Cabinet note will now be sent
to the Cabinet Secretariat.”
The
draft has been prepared after obtaining feedback from the State governments.
Focus on property transactions..!
The
Bill will focus only on property transactions as they falls into the concurrent
list.
Since
the core of the real estate business is land and land is a State subject, a lot
of time was spent on getting the response from the States, the senior official
also said.
Unlike
Chhattisgarh, the West Bengal Government has not directly opposed the Bill, but
it wants State legislation to exist.
Uttar
Pradesh has some reservations, while the Maharashtra government has prepared
its own legislation. “We have tried to accommodate States’ views,” the official
further said.
Punishment
& Imprisonment ..!
The
draft Bill provides punishment for selling a project without registration with
the Proposed Real Estate Regulator. The punishment may include imprisonment up
to three years or a penalty up to 10% of the estimated cost or both. There is
no plan to expand the scope of imprisonment.
The
revised draft is believed to have brought down the size of the land proposed to
be developed to 1,000 square meters from the earlier provision of 4,000 square
meters for coverage under the provisions of the Bill. Once enacted, States will
have the freedom to change this limit.
The
official also clarified that the along with the proposed Bill, various State
laws related with real estate will co-exist.
However,
if there is too much inconsistency in the State legislations, they will have to
amend their laws. There is no plan to include any provision of giving direction
to the States under the Bill.
Interest
of Consumers..!
The
Bill aims to establish a Regulatory Authority for regulation and planned
development in the real estate sector and to ensure sale of immovable
properties in an efficient and transparent manner and to protect the interest
of consumers in the real estate sector.
Src:
BL
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