While
the Real Estate (Regulation and Development) Bill seeks to provide a uniform
regulatory environment to the sector, real estate is a state subject. It will
be up to state governments to put the relevant structures in place and
implement the Bills provisions.
Some states such as Maharashtra already have state laws that
cover some aspects of the Bill. It remains to be seen if these provisions get
incorporated into the Bill as well.
On
the positive side, however, according to recent reports, 22 states had approved
of the Bill in its current form while 5 states wanted certain amendments. These
changes have been incorporated in the draft Bill cleared by the Cabinet.
While
developers may complain about some of the provisions of the Bill, real estate
buyers should raise a cheer for the fact that it is one step closer to becoming
a law. Save the rest 2 cheers for the day when it is passed by Parliament and
adopted by various states. That day may be some time away yet.
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