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The Real Estate (Regulation and Development) Bill 2013, aimed at inducting professionalism and standardisation in the sector, was tabled in Rajya Sabha here on Wednesday.
Housing and Urban Poverty Alleviation Minister Girija Vyas said the Bill will ensure greater accountability towards consumers and significantly reduce frauds, delays and transaction costs. The Bill provides for the establishment of an independent regulator, the Real Estate Regulatory Authority of India.
While consumer organisations have been demanding regulatory mechanism in the sector, real estate developers had termed the Bill retrograde.
The Government said the Bill will bring about standardisation in the sector leading to healthy and orderly growth of the industry through introduction of definitions such as ‘apartment’, ‘common areas’, ‘carpet area’, ‘advertisement’, ‘real estate project’, ‘prospectus’ etc. “Introduction of the concept of using only ‘carpet area’ for sale which has till now been ambiguously sold as super area, super built up area etc., will curb unfair trade practices,” the Ministry said in a statement.
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