What is the Real Estate Regulation & Development Bill?

Real estate industry in the late 1980s was a nascent industry. A market that was open for all but was explored by few. But, with the liberalization of the Indian economy, the industry flourished progressively marking the evolution of new age homes and residences that added more value and comfort to the lives of the people. With this the people had easy and quick access to various amenities within their compounds and in close proximity due to the township projects and residential complexes that were constructed by the builders & developers in different parts of the nation.

In today’s scenario, the real Estate industry has grown in multiple dimensions exponentially and is now one of the major contributors of the Indian economy. Real estate is the second largest employer after agriculture and is expected to grow at 30% over the next decade.

In order to make the industry more functional and productive, the Real Estate regulation & Development Bill was made. Some of the salient features of the Bill include:

Applicability of the Bill: The Bill was, initially, applicable to the residential real estate. It was then amended and is now applicable for both, residential and commercial real estate.

Establishing the Authority for Real Estate: This catered to the establishment of one or more Real Estate Regulatory Authorities in each Union Territory/State by the appropriate government for monitoring real estate transactions and to appoint one or more adjudicating officers to settle disputes and impose compensation and interest.

Registration of Real estate projects and registration of real estate Agents: A mandatory registration of the real estate projects and real estate agents who intend to sell any plot, apartment or building with the Real Estate Regulatory Authority.

Compulsory public disclosure of all project details: It stated mandatory disclosure norms of all registered projects such as details or promoters, layout plan, plan of development works, land status, contractors, architects, structural engineer, etc.

So, if you are new to the property market, here were a few points that you must know. These were some of the features of the Real Estate Regulation & Devlopment Bill. Come back to know more about this Bill that transformed the Real Estate industry and brought in more transparency in the property buying process.