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.