The Union Cabinet on Wednesday approved the Real Estate (Regulation and Development) Bill, 2015, as reported by the Select Committee of Rajya Sabha.
The Union Cabinet is chaired by the Prime Minister Shri Narendra Modi, the bill will now be taken up for consideration and passing by the Parliament.
Real estate bill is an initiative by the government to protect the interest of consumers, encourage fair play in real estate transactions and to ensure there is no delay inexecution of projects.
If the Bill is approved it will provide uniform regulatory environment which will ensure speedy assessment of disputes and orderly growth of the real estate sector.
Here are 7 must know features of the Real Estate Bill 2015
1. The Real estate Bill is applicable both for commercial and residential real estate projects.
2. To regulate real estate transactions, there will be a establishment of 'Real Estate Regulatory Authority' in States/UT.
3. Real estate agents and real estate projects should be registered with Real Estate Regulatory Authority
4. Agents and builders need to disclose 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. Builders should 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 and Appellate Tribunal.
7. Promoters will not be allowed to change plans and design without consent of consumers.
The Bill aims at regenerating confidence of consumers in the real estate sector; by making the procedure transparent and accountability in real estate and housing transactions.