- The Union Cabinet has approved the Real Estate Development and Regulation Bill along with certain key amendments that will make way for setting up of a regulator for the sector.
- the Cabinet has extended the applicability of the Bill to commercial Real Estate also.
- Ongoing projects that have not received Completion Certificates so far have also been brought under the purview of the Bill and these projects need to be registered with the Regulator within 3 months, the Union government .
- For fast track dispute settlement, one or more adjudicating officers will be appointed to settle disputes and impose compensation and interest.
- One of the major modifications to the Bill is not to allow promoters to change plans and structural designs without the consent of 2/3rd of consumers of a project.
- The Bill also seeks to make property brokers accountable as they have also been made punishable for non-compliance of the orders of Regulatory Authority and Appellate Tribunals to be set under the proposed law.
- Under the other new stipulations approved by the Cabinet, States will have to make rules within a year, rank of adjudicating officer has been elevated to that of District Judge, web based online system for submitting applications for registration of projects to be introduced within one year of the establishment of Regulatory Authorities and Regulator has to decide cases within 60 days.
- The Bill and a uniform regulatory mechanism across the country are aimed at protecting property buyers’ interest by bringing in much-needed transparency and accountability into the sector.