Real Estate Bill 2015
Real Estate Bill 2015 for Regulation and Development has approved by The Union Cabinet chaired by the Prime Minister Shri Narendra Modim on 09.12.2015. The Real Estate Bill 2015 / Real estate Regulation and Development Bill 2015 will now be taken up for consideration and passing by the Parliament. Real estate bill 2015 is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.
Real Estate Bill 2015:
Real Estate Bill 2015 ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority. Real Estate Bill 2015 aims at restoring confidence of consumers in the real estate sector; by institutionalizing transparency and accountability in real estate and housing transactions which will further enable the sector to access capital and financial markets. The Bill will promote orderly growth through consequent efficient project execution, professionalism and standardization.
1. Applicable both for commercial and residential real estate projects.
2. Establishment of ‘Real Estate Regulatory Authority’ in States/UTs to regulate real estate transactions.
3. Registration of real estate projects and real estate agents with the Authority.
4. Mandatory disclosure 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. 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. Civil courts jurisdiction prohibited from taking up matters defined in Bill, however, consumer court allowed to hear real estate matters.
8. Promoters barred from changing plans and design without consent of consumers.
9. Provision of Appropriate Government to make rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations.