Prime Minister
Mr. Narendra Modi approves Real Estate Bill, 2015
The Union
Cabinet chaired by the Prime Minister Narendra Modi has approved the Real
Estate (Regulation and Development) Bill, 2015, as reported by the Select
Committee of Rajya Sabha.
The Bill will
now be taken up for consideration and passing by the Parliament.
The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions & to ensure timely execution of projects.
The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes & orderly growth of the real estate sector.
The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions & to ensure timely execution of projects.
The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes & orderly growth of the real estate sector.
It will boost
domestic and foreign investment in the Real Estate sector & help achieve
the objective of Government of India to provide ‘Housing for All’
by enhanced private participation.
The Bill ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.
The Bill aims at restoring confidence of consumers in the real estate sector; by institutionalizing transparency & accountability in real estate & housing transactions which will further enable the sector to access capital & financial markets.
The Bill will promote orderly growth through consequent efficient project execution, professionalism & standardization.
The 10 salient features of the Bill are as under:
1. Applicable both for commercial & residential real estate projects.
The Bill ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.
The Bill aims at restoring confidence of consumers in the real estate sector; by institutionalizing transparency & accountability in real estate & housing transactions which will further enable the sector to access capital & financial markets.
The Bill will promote orderly growth through consequent efficient project execution, professionalism & standardization.
The 10 salient features of the Bill are as under:
1. Applicable both for commercial & residential real estate projects.
2. Establishment of ‘Real Estate Regulatory
Authority’ in States /UTs to regulate real estate transactions.
3. Registration of real estate projects &
real estate agents with the Authority.
4. Mandatory
disclosure of all registered projects, including details of the promoter,
project, layout plan, land status, approvals, agreements along with details of
real estate agents, contractors, architect, structural engineer etc.
5. Deposit of specified amount in a separate bank
account to cover the construction cost of the project for timely completion of
the project.
6. Establishment of fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers & Appellate Tribunal.
7. Civil courts jurisdiction prohibited from
taking up matters defined in Bill, however, consumer court allowed to hear real
estate matters.
8. Promoters barred from changing plans &
design without consent of consumers.
9. Provision of Appropriate Government to make rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations.
10. The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes & orderly growth of the real estate sector.
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