The news doing the rounds is that the Real Estate Regulatory Bill might not be tabled in the parliament for this monsoon session. The bill involves a clause by clause discussion in the Rajya Sabha. According to the sources, the Parliamentary panel might need more time to deliberate on the bill in order to make its recommendations. The panel has also invited suggestions and proposed amendments from experts, individuals, organizations and conglomerates with reference to the bill. The 21 member Select Committee of the Rajya Sabha with MP Anil Madhav Dave as its head has asked these groups for their views on the bill.
The bill aims to set up a regulatory authority for the real estate sector and stream line its operations. This would help in regulating the proceedings and promotion of the sector. It also involves increasing the transparency and improving the efficiency of sales for plots and construction. This bill also proposes to set an Appellate Tribunal to hear appeals concerning the decision, orders and directions from the authorities. The bill has been widely opposed by various political parties including Congress.
Mr. R. Vivekananda, Founder and Director, Excel Dwellings opined, “The bill has been created with a view to strengthen the stance of the consumers related to the realty sector. The bill focuses on increasing the transparency in the workings of the developers. This translates into safeguarding of the buyers’ investments. But along with this, the bill also benefits the real estate developers in a way that they would not be held accountable for the errors and faults committed by the authorities and civic bodies. But looking at the circumstances, we think the bill would not be tabled in this monsoon session of the parliament”. Excel dwellings, along with many other real estate companies, is hoping that this bill would allow them to serve to customers in a better and more transparent manner.