In order to regulate the real estate business, the Real Estate (Regulation and Development) Bill, 2013 was first introduced by United Progressive Alliance (UPA) government in 2013.
Published : Thursday, 14 May, 2015 04:20 PM
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In order to regulate the real estate business, the Real Estate (Regulation and Development) Bill, 2013 was first introduced by United Progressive Alliance (UPA) government in 2013. On April 7, 2015, the union cabinet of current National Democratic Alliance (NDA) government approved the bill with some amendments for its introduction in the parliament. However, it could not be introduced into the parliament as the opposition and government could not reach an agreement over the provisions of the bill.
The current NDA government made following amendments to the bill –
The proposed law is expected to give a boost to the 'Housing for All by 2022' mission by enabling increased flow of investments through enhanced transparency, accountability and standardization. Though many states consider the act as an infringement over their rights as ‘land’ is a state subject, the primary objective of the act is transfer of property which is a subject in Concurrent List in the Seventh Schedule of the constitution. Both centre and state can legislate over the subjects of the concurrent list. Some major changes which real estate may see by virtue of the act are as under –
The Indian real estate sector is going through the downturn right now mainly because of the fraudulent practices by majority of developers and their nexus with the state authorities in which the only stakeholder who suffers is the buyer. Involvement of black money into the real estate had also increased the price manifold making it out of the reach of the common buyers. In this backdrop, the real estate bill is coming at the right time which would not only safeguard the interests of the buyers but would also help in wiping out the corruption from the sector.
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