New Real Estate Regulation Bill Waiting for Law Ministry’s Comments

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New Real Estate Regulation Bill which is developed from the original Model Real Estate Bill is to receive comments from the union law ministry. Since three years, the original bill had been modified for about 8-9 times. This was done based on the 3,000 comments obtained by the ministry from consumers as well as developers. As the bill was drafted based on the interests of stakeholders and real estate developers, it is estimated to set the tone for reforms in the housing sector.

It was decided by the ministry to convert it into a central bill as the land and colonisation matters are state subjects. So, the new bill no longer includes them. Issues including consumer interest, contractual obligation, and fraud and cheating are covered in the new bill. Upon action of the new bill, it is necessary for all developers to register with the regulator providing the details of projects including those of land and clearances before advertising to the public. This is done to ensure transparency. The government, however, will not deal with the pricing issues of real estate projects. Only the market forces, the supply and demand dynamics are going to determine the prices. After a response from the law ministry, the bill will be sent to ministries of corporate affairs, environment and forests, and urban development for comments.

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