The current scenario envisages a national regulator for
protecting the interests of housebuyers through a Real Estate (Regulation of
Development) Bill which is pending in the Parliament. From creating checks on
developers / or promoters / or builders and their projects to ensuring how
consumer rights are enforced more stringently, this Act seeks to set up a
Regulatory Authority and an Appellate Tribunal which will create an alternate
redressal mechanism for residential buyers.
Also, with the host of checks on promoters to ensure that
not only are the current information asymmetries in the development sphere
removed. But also that the promoter adheres to his timelines & delivery specifications
and his accountability is ensured through monetary
& even civil penalties.
The entire germ of this idea of this Bill is to ensure
that an umbrella regulation can create an efficient regulation mechanism for
the real estate sector & provide all its stakeholders with a tool for
efficacious implementation of their strategies.
From JLL India Report - Finding Real Value in a Course
Correction: Adapt, Sustain & Grow
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