Realty regulatory bill to be introduced in Monsoon session
It also intends to make it mandatory for developers to launch projects only after acquiring all statutory clearances from relevant authorities
Jul 07, 2013
Source : The Economic Times


DELHI: The real estate regulatory bill that seeks to bring transparency and accountability in the realty sector will be introduced in the monsoon session of Parliament, a top government official said today.

Last month, the Cabinet had approved the Real Estate (Regulation and Development) Bill, that seeks to provide a uniform regulatory environment to the sector.

"The Bill will be introduced in the Monsoon session of Parliament," Housing and Urban Poverty Alleviation Secretary Arun Kumar Misra said at an annual convention of National Association of Realtors (NAR) India.

The Bill will be sent to Parliamentary Standing Committee for consideration and suggestions, Misra said.

The month-long Monsoon session of Parliament is expected to start in late July.

Misra also disagreed with developers' contention that prices would rise by 30 per cent once this Bill is passed in the Parliament.

"All that the regulatory Bill says that when you start selling the flats, all the licenses and permissions should be in place," the secretary said.

Stating that the Bill deals with property brokers and agents as well, Misra assured the brokers' body NAR that they would be included in the list of associations to be consulted by the Standing Committee. He asked the brokers to bring more professionalism in their business.

NAREDCO, an industry body of real estate developers, President Naveen Raheja emphasised on the need of self- regulation.

NAR-India is an industry body for property brokers and it has 1,700 members. They are affiliated to the national association of realtors (NAR), a global association based in Chicago, USA.

Property brokerage firm Indiahomes Vice President Manish Mehta said NAR-India is a national level umbrella organisation which initiates efforts to generate and disseminate authentic information on the realty market to increase transparency in the sector.

The Bill provides for setting up a regulator for the real estate sector and has provisions like a jail term of up to three years for developers who make offences like putting up misleading advertisements about projects repeatedly.

It also intends to make it mandatory for developers to launch projects only after acquiring all statutory clearances from relevant authorities. The Bill makes it mandatory for builders to clarify the carpet area of the flat.

Latest Realty News

In Singur, a different kind of discontent brews now
Jul 07, 2013
SINGUR (HOOGHLY): “We don’t know what will happen in the Court. An early resolution is welcome. Even if the land is not returned to us, I would be happy with higher compensation, at current market rates,” says a land loser at Singur who does not wish to be identified as he is now a Trinamool activist.
Online real estate business likely to grow: Experts
Jul 07, 2013
MUMBAI: With a rising number of property portals entering the market, the online real estate business is expected to improve gradually as these websites bring transparency by providing high quality information about projects, believe industry experts.
Realty projects get big boost, MoEF to now ease control
Jul 06, 2013
DELHI: In a major boost to realty sector, the Centre has granted power to states to decide on new townships and construction and development projects, restricting the ministry of environment and forests to environmental sustainability aspects.
RCom seeks board approval to unlock real estate value
Jul 06, 2013
MUMBAI: Reliance Communications (RCom) is seeking board approvals to “unlock” value in real estate properties held by the company and its subsidiaries.
Real estate developers’ property expo in Bangalore on July 6, 7
Jul 06, 2013
BANGALORE: The Confederation of Real Estate Developers’ Association of India-Bangalore will hold its ‘CREDAI Property Expo 2013’ on July 6 and 7 at Lalit Ashok, Bangalore.
Green panel stays construction at Noida landfill site
Jul 06, 2013
DELHI: The National Green Tribunal has stayed construction activity on the landfill site in Sector 123 here after a commission appointed by it found that the project had been formulated without following the guidelines. The Noida Authority has also been restrained from carrying out digging or construction till the next hearing.
Chennai may need over 30K housing units annually
Jul 06, 2013
CHENNAI: A survey on Chennai’s residential real estate analyses the economic and infrastructure drivers that would impact the demographic growth of the city’s metropolitan area. The study gives an outlook on the housing requirement and supply and its impact on prices. “The growth of auto hub and growth of IT/ITeS and BFSI industry has defined the growth of Chennai in the last decade and will continue to drive migration and need for houses. Chennai, which accounts for a major share of US $185 bil
RWAs in Gurgaon to protest new societies Act
Jul 06, 2013
DELHI: Claiming that the Haryana Registration and Regulation of Societies Act, 2012 goes against the interest of the residents, a group of resident welfare associations is planning to hold a demonstration outside Haryana Bhawan in Delhi on July 4 morning. They say that this Act that has replaced the Societies Registration Act, 1860.
AT Group Collected Rs 45 Cr from Balasore, says CMD
Jul 06, 2013
BALASORE: After spending a week in Balasore district jail, Artha Tatwa Group CMD Pradip Sethi and Director Manoj Patnaik were back in Jharpada jail in Bhubane­swar on Friday. They were taken on remand for three days in two phases by the Sahadevkhunta police in Balasore.
Seashore Group into Diamond Trade
Jul 06, 2013
BHUBANESWAR: The Eco­nomic Offences Wing, which is investigating the financial fraud by Seashore Group, has found that the company was also into diamond busi­ness. Seashore chief Prashant Dash, who was arrested from Mumbai last month, fre­quented the Western Indian States in connection with its diamond business too. He had visited Surat apart from operating out of Mumbai.

Latest Realty News Of State

Realty Talk's