The Real Estate Bill, which aims at protecting home buyers from developers who fail to deliver on time, has been passed by both the Houses of Parliament.
The Bill will now be sent for the President’s approval, after which it will become law.

The principal beneficiary will be the long suffering consumer for whom a home and a hassle free process to make one will be a reality .

The parliament has finally given its nod to the much awaited The Real Estate Regulator (Regulation and Development) Bill.

After Rahjya sabha gave its green signal to the bill on march 10th, the lower house has also passed the bill.

The Lok Sabha on Tuesday discussed the bill that seeks to protect the interests of property buyers against unscrupulous promoters and set up a sectoral watchdo.

Explaining various facets of th\e bill Urban Development Minister M. Venkaiah Naidu Naidu said the government to bring about ease of doing business in the country.

Like in the Rajya Sabha, the opposition in lok sabha also supported the bill.

The bill has many points which intend to provide the customer with a legal protection in case of any real estate deals.

Major points of the Real Estate Bill are:

-It establishes the State Real Estate Regulatory Authority for that particular state as the government body to be approached for redressal of grievances against any builder.

– This law vests authority on the real estate regulator to govern both residential and commercial real estate transactions A major benefit for consumers proposed in the bill is that builders will have to quote prices based on carpet area and not super builtĀ­up area.

– The bill makes it mandatory for all commercial and residential real estate projects where the land is over 500 square metres, or eight apartments, to register with the regulator for launching a project.

– It ensures that developers are not able to invest in numerous new projects with the proceeds of the booking money for one project .

– This law makes it mandatory for developers to post all information on issues related to the project with the State Real Estate Regulatory Authority (RERA) and then in effect pass thisinformation on to the consumers .

– Any delay in project completion will make the developer liable to pay the same interest as the EMI being paid by the consumer to the bank back to the consumer.

As the govt has claimed and the provisions of the bill show, the main purpose of the bill is to protect consumer interest.

With this bill being passed by both houses, consumers can now heave a sigh of relief as there are legal provisions that stand guarantee that their hard earned money will not go down the drain of any unscrupulous builder.

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