The Rajhya Sabha has finally passed the Real Estate Bill

The Real Estate Bill that was highly anticipated since 3 years has finally been passed! It was not just the government but also the people who were biting their nails for this bill to be passed in the Rajhya Sabha. The proposal started off in 2013 and after many sessions of directionless debate, the Bill was passed on 10th March 2016, just around the budget announcement. It was the need of the hour according to Venkiah Naidu, who praised the member of the upper house.

The Salient features of the Bill are:
– The Bill regulates both commercial and residential real estate projects and seeks to set up Real Estate Regulatory Authority (RERA) in states and union territories to oversee real estate transactions.
– It mandates that builders should disclose details of all registered projects, including those about the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc. All these details should be uploaded on the website of the RERAs.
– PRS notes that the bill makes it mandatory for the builders to park a certain percent of the amount collected from buyers for a project in a separate bank account. The state government can alter this amount to less than 70%.
– The bill bars civil courts from taking up matters defined in it. However, consumer courts are allowed to hear real estate matters. There are 644 consumer courts in the country. The more avenues for grievance redressal would mean lower litigation costs for the buyers.
– If he dodges order issued by the RERA, he faces imprisonment for up to three years, and/or an additional fine of 10% of the estimated cost of the project. In case the builder violates any other provision of the act, he will have to pay up to 5 percent of the estimate cost of the project, reckons PRS Legislative.

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