[Note:
Author and Contributor of this blog post is Risabh A. Gupta, 3rd
Year Student, B.B.A. LL.B. (Hons.), National Law University, Odisha. He can be
contacted at rishabh.a.09@gmail.com]
The Real Estate Regulation and
Development Bill, 2013 has been approved by the Union Cabinet on June 4, 2013
after much delay and deliberation. The bill has yet to be approved by the Parliament
i.e, Lok Sabha and the Rajya Sabha. After this, the
bill would become statute once it receives the presidential assent. Separate
Real Estate Bills have been formulated by Maharashtra and Haryana State
Governments. Therefore, when enacted, the Central Act would prevail over any
State legislation and any provisions repugnant to the Central Act would be
void.
The Bill is aimed at regulating the
largely unregulated real estate housing sector. It envisages the creation of a
Real Estate Regulatory Authority [hereinafter “Authority”] and an Appellate
Tribunal which would act as a watchdog for the housing sector, predominantly
towards safeguarding and protecting consumer interests. Also, creation of the
tribunals would act as an effective redress mechanism for any disputes.
The Real Estate Bill envisages
providing effective and efficient regulatory framework and environment in the
real estate sector which is laced with illegal and black money, corruption,
land mafias and red tapism.
