Real Estate Bill makes registration mandatory for builders and realtors
Real Estate Bill makes registration mandatory for builders and realtorsNew Delhi, Jun 5 (KNN) The Real Estate Bill, 2013 which was approved by the Union Cabinet yesterday has made registration with the Real Estate Regulatory Authority mandatory for real estate projects and real estate agents who intend to sell any immovable property.
The Bill, a pioneering initiative has been intended to protect the interests of consumers and promote fair play in real estate transactions, according to an official notification.
The Bill provides for a uniform regulatory environment, to protect consumer interests, help speedy adjudication of disputes and ensure orderly growth of the real estate sector, according to Union Minister of Housing and Urban Poverty Alleviation (HUPA) Ajay Maken.
The sector today contributes substantially to the country’s GDP. However, the real estate and housing sector has been largely unregulated with consumers often unable to procure complete information, or enforce accountability against builders in the absence of effective regulation.
The Minister reiterated that the proposed legislation would ensure greater accountability towards consumers while significantly reducing frauds and delays. (KNN)
It also aims at restoring confidence of the general public in the real estate sector; by instituting transparency and accountability in real estate and housing transactions which in turn will enable the sector to access capital and financial markets essential for its long term growth. (KNN)