Real Estate Regulation Bill India

The long awaited real estate regulation bill might take few another months to be introduced in Parliament. The bill is delayed due to law ministry decision pending on it. It will be moved further once it is permitted by law ministry. The bill is believed to be incomplete as many valuation aspects have not been included in it. In this concern Reserve Bank of India asked all banks to submit reports mentioning the particular action taken. It seems quite impossible to bring the bill in the monsoon session which is to start from August this year.

New guidelines have been issued by regulatory authority to developers. Registration of every developer with regulatory authority is made compulsory. It insists on making all consumer related disclosures on official website so that everything should be transparent at later stage. The current bill has undergone major changes in order to make it consumer friendly. However housing ministry officials denied any such changes in the bill except real estate draft bill. The introduction of new proposals in bill aims to safeguard interests of consumers. It will include now all detailed information regarding all projects on website. Every step will be taken to stop illegal construction and to promote fair construction.