Real Estate (Regulation and Development) Bill 2013

The Union Cabinet has approved the Real Estate (Regulation & Development) Bill, for setting up a Regulatory Authority to ensure transparency in the real estate sector and ensure speedy resolution of disputes. The other aspects covered in the proposed legislation are: Projects to be registered with the Regulatory Authority mandating that private builders will sell houses in residential projects on the basis of carpet area or build-up area instead of vogue super area. Builders to commit and adhere to completion time-frame announced. Seventy percent of funds to be deposited in escrows accounts. Developers to launch project only after securing all clearances. License for property brokers and also refunds for buyers in-case of projects delays.