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National: Real Estate Regulatory Authority Bill Likely to be Introduced in Budget Session

The government proposed a Real Estate Regulatory Authority Bill that compels builders to sell the property on the bases of carpet area instead of using some ambiguous terms such as  “super built-up” area. The bill is likely to be launched in Budget session of the Parliament.

 

Real Estate Regulatory Authority Bill aims to regulate the real estate sector and protect buyer interest. As per the bill all the builders developing a project that covers more than 1,000 square metre area will have to register with body before launching the project. Only developers who meet with the norms set in the bill will be allowed to advertise the project to prospective buyers. The bill also proposed to set up a regulatory authority in every state.

 

A joint consultation meeting was held by the housing and poverty alleviation (HUPA) minister Ajay Maken and urban development minister Kamal Nath. In the meeting six industry chambers were invited. Representatives of Confederation of Real Estate Developers’ Association of India (CREDAI) , National Real Estate Development Council (NAREDCO), Confederation of Indian Industries (CII), The Associated Chambers of Commerce and Industry of India (ASSOCHAM), Federation of Indian Chambers of Commerce and Industry (FICCI) among others opposed the bill saying that it is one sided and favors only buyers’ interest.

 

Developers who fail to fulfill the clause of the regulatory bill will be penalized with maximum three years of imprisonment or fine up to 10% of the total project cost. The proposed bill will make sure that the immovable properties are sold in an efficient and transparent manner.

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