Parliament passes Real Estate Bill aimed at protecting interests of house buyers
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Parliament has passed the Real Estate (Regulation and Development) Bill, 2015 with the Lok Sabha approving it today. The bill was passed by the Rajya Sabha last week. The Bill is aimed at protecting the interests of the aspiring house buyers while at the same time enhancing the credibility of real estate sector by ensuring transparency and accountability. It provides for setting up of Real Estate Regulatory Authorities (RERAs) which will ensure timely execution of projects and regulate transactions related to both residential and commercial projects. Appellate Tribunals will now be required to adjudicate cases in 60 days and Regulatory Authorities will have to dispose of complaints
in 60 days.
Replying to a discussion on the bill, Urban Development Minister Venkaiah Naidu said the proposed legislation will help in attracting more investment in real estate sector besides lowering the prices of houses. The Minister urged the state governments to come forward to implement the legislation. He also urged the states to be pro-active in land clearances so that aim of housing for all by 2022 can be achieved. He said the government is also trying to bring in a National Urban Rental Housing Policy which would take into account the requirements of tenancy hassles in modern days.
Earlier, moving the Bill for the passage in the House, Mr Naidu said under the bill the promoters and builders will have to disclose project information including details of the promoter, land, status of approvals, agreements with real estate agents and contractors. Initiating the discussion, Congress MP K C Venugopal said the bill is the need of the hour to fulfill the dream of home buyers particularly the poor. He also requested the Minister to remove the requirement of mandatory restrictions for registration of 500 Square meters housing projects. The Bill seeks to regulate the real estate sector, which is currently facing slump and over ten lakh houses are unlocked across the country without any buyers. It also has provisions for registration of promoters and agents with the authorities.
The promoters are mandated to deposit 70 per cent of the money collected from buyers in a separate bank account, to be used only for construction of that project. With the passage of the bill, it will now be difficult for promoters and builders to delay projects. They will also be liable for imprisonment of up to three years besides monetary penalties for any violation of rules.
in 60 days.
Replying to a discussion on the bill, Urban Development Minister Venkaiah Naidu said the proposed legislation will help in attracting more investment in real estate sector besides lowering the prices of houses. The Minister urged the state governments to come forward to implement the legislation. He also urged the states to be pro-active in land clearances so that aim of housing for all by 2022 can be achieved. He said the government is also trying to bring in a National Urban Rental Housing Policy which would take into account the requirements of tenancy hassles in modern days.
Earlier, moving the Bill for the passage in the House, Mr Naidu said under the bill the promoters and builders will have to disclose project information including details of the promoter, land, status of approvals, agreements with real estate agents and contractors. Initiating the discussion, Congress MP K C Venugopal said the bill is the need of the hour to fulfill the dream of home buyers particularly the poor. He also requested the Minister to remove the requirement of mandatory restrictions for registration of 500 Square meters housing projects. The Bill seeks to regulate the real estate sector, which is currently facing slump and over ten lakh houses are unlocked across the country without any buyers. It also has provisions for registration of promoters and agents with the authorities.
The promoters are mandated to deposit 70 per cent of the money collected from buyers in a separate bank account, to be used only for construction of that project. With the passage of the bill, it will now be difficult for promoters and builders to delay projects. They will also be liable for imprisonment of up to three years besides monetary penalties for any violation of rules.
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