Union Cabinet on Wednesday approved the bill as reported by the Select Committee of Rajya Sabha. It will now be taken up for consideration and passing by the Parliament.
Real estate industry on Wednesday welcomed the approval of real estate regulatory bill by the Cabinet, but it demanded that the government authorities sanctioning the projects should also be part of the proposed law.
"We are in favour of the regulator. We welcome the Cabinet approval. But some issues need to be sorted otherwise it will lead to more delays," realtors apex body CREDAI President Getamber Anand said.
He said the projects sanctioning authorities should be made part of the Real Estate (Regulation and Development) Bill, 2015.
Anand said the law should not be applicable with the retrospective effect as this would cause delay in the ongoing projects.
Industry body NAREDCO's President Praveen Jain also welcomed the real estate regulatory bill saying that this would bring transparency in the property sector. He said only genuine developers would operate in the market after passage of this law.
Union Cabinet on Wednesday approved the bill as reported by the Select Committee of Rajya Sabha. It will now be taken up for consideration and passing by the Parliament.
The bill seeks to protect the interest of consumers, promote fair play in real estate transactions and ensure timely execution of projects.
The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector.
The salient features of the Bill are that the proposed law would be applicable both for commercial and residential real estate projects.
It seeks establishment of 'Real Estate Regulatory Authority in States/UTs to regulate real estate transactions.
The real estate projects and real estate agents should be registered with the Authority.
The bill proposes 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.
Developers would be required to deposit specified amount in a separate bank account to cover the construction cost of the project for timely completion of the project.
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