Question : REAL ESTATE REGULATORY BILL

(a) whether the real estate and housing sector in the country is largely unregulated and opaque with consumers often unable to procure complete information, or enforce accountability against builders and developers in the absence of effective regulation and if so, the details thereof:

(b) whether the Government proposes to introduce Real Estate Regulatory Bill;

(c) if so, the salient features thereof along with its present status;

(d) the number of cases reported against builders during each of the last three years and the current year along with the action taken thereon; and

(e) the steps proposed to protect the interest of consumers and to promote fair play in real estate transactions in the country?

THE MINISTER OF HOUSING & URBAN POVERTY ALLEVIATION [DR. (MS.) GIRIJA VYAS]

(a), (b), (c) and (e): Yes Madam. There is need to have better regulation of this sector in the interest of consumers. Therefore in order to establish the Real Estate Regulatory Authority for regulation and promotion of the real estate sector and to ensure sale of plot, apartment or building, as the case may be, in an efficient and transparent manner and to protect the interest of consumers in the real estate sector, the Ministry of Housing & Urban Poverty Alleviation has drafted the Real Estate (Regulation and Development) Bill, 2013.

The said Bill seeks compulsory registration and public disclosure of real estate housing projects above a threshold, and provides for establishment of a ‘Real Estate Regulatory Authority’ and ‘Real Estate Appellate Tribunal’ in each State with specified functions, powers, and responsibilities to ensure transparency, quick redressal of grievances and resolution of disputes.

The Union Cabinet has cleared the introduction of the said Bill in the Parliament.

(d): ‘Land’ and ‘Colonisation’ are State subjects and it is the primary responsibility of States to address this issue. This Ministry does not maintain a data-base of complaints against builders.